Hassett says inflation "needing some work"

Investing.com -- White House National Economic Council Director Kevin Hassett said Monday that inflation requires policy attention after September consumer price data showed continued pressure, though prices have declined for some items including beef and eggs.

"If you look at the previous three months, it looked like inflation was completely under control, and now it looks like it's sort of back needing some work," Hassett told CNBC Monday.

Consumer price data released last week showed prices rose in September at the fastest pace in five months. The consumer price index increased 0.6% from the previous month. A measure of underlying price pressures that excludes food and energy rose 0.3%, exceeding expectations.

"This is either a sort of break from the downtrend or a blip," Hassett said in the interview.

Federal Reserve Chairman Kevin Warsh last week did not address market expectations that the central bank will keep interest rates unchanged at its meeting later this month. During a moderated discussion at the International Monetary Fund's annual meetings, Warsh made no comments on monetary policy or his economic outlook beyond stating the Fed will deliver price stability.

Hassett said he respects the central bank's independence and noted Warsh will "do what he thinks is the right thing."

"People are really euphoric about how well the economy is doing, and they're spending more. And of course, that's the kind of thing the Fed needs to pay attention to," Hassett said.

Original Article

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