Official: Inflation Outpaces Oil

Neil Kashkari, President of the Federal Reserve Bank of Minneapolis, confirmed that inflation rates in the United States remain high and exceed the 2% target, with price pressures continuing even after excluding energy and food sectors. He explained that inflation reflects ongoing effects across various aspects of the economy, and the Fed will continue to reduce inflation by raising interest rates, which have reached a range between 3.75% and 4%, following a 25 basis point increase. Despite this, core inflation increased by 0.4% in August and 3.4% year-over-year. This policy comes amid rising oil prices above $100 due to energy supply disruptions linked to the war in the Middle East.

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