The U.S. government is set to release new inflation data on Wednesday, providing an updated view on price trends just over a week after inflation concerns seemed to contribute to former President Donald Trump’s re-election victory.

Since reaching a peak of 9% in 2022, inflation has significantly cooled, now close to the Federal Reserve’s target rate of 2%.

This easing in price increases, alongside strong economic growth, has created favorable conditions for a potential “soft landing” for the economy.

Economists project a 2.6% increase in prices over the year ending in October, a slight rise from the 2.4% annual rate recorded the previous month.

Fed policymakers, however, expect inflation to continue to decline, reaching the target rate by 2026, according to projections from September.