Inflation weakened to its slowest pace in more than three years last month, as price growth continued to fall back from its highest levels in a generation.

With concerns over the heightened cost of living at the heart of the presidential election campaign, the Bureau of Labor Statistics released its final monthly inflation reading before voters head to the polls.

The consumer price index rose at an annual pace of 2.4% in September, slightly higher than economists’ expectations of 2.3%, and down from 2.5% in August. The so-called “core” index, which strips out volatile food and energy prices, increased at an annual rate of 3.3%. Over the month, prices rose 0.2%.

Gasoline prices dropped by 4.1% during September, and were 15.3% lower than a year ago. But problems remain. Shelter costs rose 0.2% and food prices increased 0.4% in September, contributing over 75% of the monthly all items increase. Egg prices rose 8.4%.

Though prices surged three years ago, their rapid growth has since slowed significantly from its 9.1% peak in June 2022 and prices are now rising at their slowest rate since February 2021. The US Federal Reserve, which scrambled to increase interest rates in an effort to cool the world’s largest economy, started cutting rates last month.

The broader US economy appears to be growing at a robust pace. American employers added 254,000 jobs last month, according to official data released on Friday, defying fears of a slowdown in the labor market.

Lael Brainard, the White House national economic adviser, said: “We keep making progress, with inflation returning to pre-pandemic levels, 16m jobs created, lower interest rates, and low unemployment.”