Wholesale inflation mostly cooled last month in latest sign that price pressures are slowing.

U.S. inflation last month likely reached its lowest point since February 2021, clearing the way for another Federal Reserve rate cut and adding to the stream of encouraging economic data that has emerged in the final weeks of the presidential campaign.

Inflation in September fell to an annual rate of 2.4%, its lowest point since early 2021, as gas and energy costs continued to ease.