September 30 (Reuters) – US stock index futures gained ground on Wednesday after a lower-than-expected inflation report heightened optimism that the Federal Reserve may delay raising interest rates next month. The Commerce Department reported that the Personal Consumption Expenditures Price index increased by 0.3% in August, below the 0.4% rise anticipated by economists surveyed by Reuters. On an annual basis, the index stood at 3.4%, against predictions of 3.7%.
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In terms of core inflation, which excludes the more volatile food and energy prices, the month-over-month increase was 0.2%, less than the estimated rise of 0.3%. Annually, the core inflation rate was 3%, compared to an expected 3.3%.
Additionally, a final reading of second-quarter GDP indicated that the US economy grew by 2.2%, surpassing the forecast of 1.5% growth.
As of 08:31 a.m. ET, Dow E-minis rose by 233 points, or 0.45%, S&P 500 E-minis climbed 35 points, also a 0.45% increase, while Nasdaq 100 E-minis were up 145.25 points, or 0.47%.