Cleveland Fed's Hammack Says Inflation Is Broad-Based, Core Services Prices Still High
JH Kim
Summary
- Beth Hammack, president of the Federal Reserve Bank of Cleveland, said elevated inflation is showing up across the broader economy.
- Hammack said core services inflation remains high and that price pressures in the services sector have yet to ease.
- Hammack said that when assessing the current inflation trend, it is necessary to look at the broader rise in prices rather than only a few items.
Forecast Trend Report by Period
Beth Hammack, president of the Federal Reserve Bank of Cleveland, said inflation pressures are spread across the economy rather than concentrated in a narrow group of items.
Walter Bloomberg reported on July 30 that Hammack said she views elevated inflation as a broad-based phenomenon.
She added that core services inflation remains high, showing that price pressures in the services sector have yet to ease.
Hammack also stressed that assessing the current inflation trend requires looking at overall price increases, not just a handful of items.
JH Kim
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