The report revealed that upward price pressure remained limited for most categories of final goods and services, while wage pressures were also limited.

U.S. economic expansion lost momentum to an annual rate of 1.7 percent in the second quarter of this year, the slowest quarterly gain since the U.S. economic activities began to pick up in the second half of last year.

Economists expect that the U.S. economic growth could be 1.9 percent in the third quarter, a level considered too low to bring down the near double-digit unemployment rate.

It is widely expected that the Fed will take further action at its monetary policy determination meeting scheduled for Nov. 2 to stimulate the economy, most likely through increased purchases of the U.S. Treasury debt.

The Fed has been keeping its federal funds rates at a historically low level of zero to 0.5 percent since December 2008.

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