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Fed Official: Inflation Surpasses Oil
The Deputy Chairman of the Federal Reserve in Minneapolis stated that inflation in the United States remains high and continues to impact various aspects of the economy, despite the central bank's efforts. He confirmed that inflation exceeds the target level of 2%, with the consumer price index rising by 0.4% month-on-month and 3.4% year-on-year in August, while core inflation increased to 2.4%. This comes amid oil prices exceeding $100 per barrel due to supply disruptions linked to the war in the Middle East, which heighten inflationary pressures and underscore the continued need for the Federal Reserve to take further actions to combat inflation.
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