Consumer price growth slowed to its lowest pace since February 2021, the Labor Department said Thursday, continuing a trend of more subdued inflation amid a cooling — but still sturdy — job market and higher borrowing costs.

Inflation in the United States dropped last month to its lowest point since it first began surging more than three years ago, adding to a spate of encouraging economic news in the closing weeks of the presidential race.

Inflation for some costs, including medical care and car insurance, remain elevated, keeping price pressure on consumers.

Inflation dropped last month to its lowest point since February 2021, adding to recent encouraging economic news in the closing weeks of the presidential race.