The Strategist

Fed warns of stronger US inflation due to rising fuel prices



11/29/2023 - 08:06



The Fed has issued a warning about increased US inflation as a result of growing fuel costs.



Tony Webster
Tony Webster
A potential increase in energy costs in the upcoming months may partially counteract the gains achieved in the fight against inflation in the US, according to Michelle Bowman, a member of the Federal Reserve System's Board of Governors.

Speaking to the business community in Utah, Bowman cautioned, "There is also a risk that higher energy prices in the months ahead could partially undo the recent progress that has been made with supply-side improvements to reduce overall inflation."

The Fed is raising rates in an effort to slow down economic growth and return inflation, which has accelerated to 40-year highs, to 2 percent annually.

source: cnn.com

 




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