US inflation dropped to 8.2% over the 12 months to September.
The American Department of Labor Statistics said the consumer price index (CPI), the measure of inflation, was down from the 8.3% in the year to August.
A greater fall to 8.1% had been predicted by a Reuters poll of economists.
The US central bank increased interest rates from 3% to 3.25% in September as part of its efforts to bring inflation down to its 2% target.
Those hikes increased the threat of a US recession and had been warned against by the UN.
Higher interest rates mean an increased cost of borrowing.
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