Kashkari: US Inflation Remains Broad-Based Across Economy

Federal Reserve Bank of Minneapolis President Neel Kashkari stated that U.S. inflation remains elevated across multiple economic sectors, not just driven by rising energy and oil prices.

Kashkari noted that inflation rates remain high even when excluding volatile food and energy sectors, pointing out that price increases span broad areas, particularly services.

The central bank's key objective is returning inflation to its 2% target, which was emphasized by Kashkari as the reason for the Federal Reserve's unanimous decision last week to raise the benchmark interest rate by 25 basis points to a range of 3.75% to 4%.