Updated October 24, 2025 at 10:51 AM MDT

Annual inflation rose less than expected in September, according to a crucial report published Friday, nine days later than normal due to the government shutdown.

Consumer prices rose 3.0% in September from a year ago, slightly below forecasters' expectations, according to the U.S. Bureau of Labor Statistics (BLS). On a month-to-month basis, prices rose 0.3%, cooling slightly from the 0.4% inflation reported in August.

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Overall, the inflation data will likely add fuel to expectations that the Federal Reserve to cut interest rates by another quarter percentage point at its policy meeting next week — its second consecutive cut.

Wells Fargo economist Nicole Cervi is among those expecting a cut — despite the latest evidence that prices

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