Fed Member: US inflation exceeds oil effects

Neil Kashkari, the President of the Federal Reserve Bank of Minneapolis, stated that U.S. inflation remains significantly high and continues to impact various aspects of the economy. His remarks indicated that the effects extend beyond oil prices, even when excluding energy and food sectors. He emphasized that the inflation trend suggests ongoing inflationary pressures, and the Federal Reserve will continue efforts to address them. He also expects these efforts to receive support from other sectors as conditions return to normal. Kashkari agreed to increase interest rates by 25 basis points, raising the range to between 3.75% and 4%, amid inflation remaining above the 2% target. In August, the Consumer Price Index rose by 0.4% month-on-month and 3.4% annually. This was accompanied by oil prices rising above $100 per barrel due to energy supply disruptions in the Middle East.

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