WASHINGTON — As the presidential election approaches, significantly influenced by concerns over rising prices, new data shows that a key inflation metric monitored closely by the Federal Reserve has fallen to levels that were common before the pandemic.

According to the Commerce Department, prices experienced a modest increase of only 2.1% in September compared to the same month last year, which is a decrease from the 2.3% year-over-year rise recorded in August. This figure sits just above the Federal Reserve’s target of 2% inflation and aligns with statistics seen in 2018, prior to the surge in prices that followed the pandemic-induced recession.

When analyzing month-to-month data, prices rose by 0.2% from August to September, reflecting a slight uptick from the 0.1% growth noted between July and August.

Overall, these recent trends suggest a persistent easing of inflation just five days ahead of a crucial election where many voters express dissatisfaction with the current economic situation, primarily due to average prices being nearly 20% higher than four years ago. Former President Donald Trump has pointed fingers at the energy strategies of the Biden-Harris administration, asserting that inflation would “disappear entirely” should he regain office. Meanwhile, Vice President Kamala Harris has vowed to implement measures against price gouging for groceries and aims to lower costs related to child care and health care.