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The latest figures from the Commerce Department inflation rose 2.1% in September over the same month a year ago, and down from a 2.3% annual rise in August. The figures are the Federal Reserve’s preferred measure of inflation. 

The personal consumption expenditures (PCE) price index showed a 0.2% increase for the month. Excluding food and energy, the PCE index increased 0.1% in September. Real PCE, which is the primary metric for consumer spending in the U.S., was up 0.4%. 

The increase in Real PCE reflected an increase of 0.7% in spending on goods and an increase of 0.2% in spending on services. The largest contributor to spending increases was nondurable goods, especially prescription drugs. For services, the largest contributor to the increase was food services and accommodations, led by purchased meals and beverages.