Fed’s Kashkari says inflation ‘still too high’ despite lower PCE data than expected
Summary
Federal Reserve Bank of Minneapolis President Neel Kashkari said inflation is still too high, even though recent government data showed inflation was lower than expected in August. The annual inflation rate remains above the Federal Reserve’s goal of 2 percent.Key Facts
- Inflation data for August was released by the Bureau of Economic Analysis (BEA).
- The inflation rate was lower than many experts expected in August.
- Despite the lower-than-expected data, inflation is still above 2 percent.
- The Federal Reserve aims to keep inflation around 2 percent to maintain price stability.
- Neel Kashkari is the President of the Federal Reserve Bank of Minneapolis.
- Kashkari spoke about inflation at a Council of Foreign Relations event.
- Inflation refers to the rise in prices of goods and services over time.
- The Federal Reserve sets policies to control inflation and support the economy.
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