WASHINGTON (AP) — As a presidential race profoundly shaped by Americans’ frustration with high prices nears its end, the government said Thursday that an inflation gauge closely watched by the Federal Reserve has dropped to near pre-pandemic levels. Prices rose just 2.1% in September from 12 months earlier, down from a 2.3% year-over-year rise in August. That is barely above the Fed’s 2% inflation target and is in line with readings in 2018, well before prices began surging after the pandemic recession. On a monthly basis, prices inched up 0.2% from August to September, up slightly from a 0.1% increase from July to August.
