Little progress has been made in curbing too high inflation, Fed’s Jefferson says

Federal Reserve governor Philip Jefferson has said that inflation remains too high and that “little progress” has been made towards meeting the central bank’s 2% target. Although inflation had declined from its peak in June, falling by 2.75 percentage points directly because of reduced food costs and falling energy prices, core inflation has yet to show a significant slowdown, Jefferson warned. His comments indicate that another interest rate hike may be necessary to combat inflation.