Powell: Iran war to increase inflation in the near term

Inflation has eased significantly from its highs in mid 2022, but remains somewhat elevated relative to our 2% longerr run goal. Estimates based on the consumer price index and other data indicate that total PCE prices rose 2.8% over the 12 months ending in February and that excluding the volatile food and energy categories, core PCE prices rose 3.0%. These elevated readings largely reflect inflation in the goods sector, which has been boosted by the effects of tariffs.Near-term measures of inflation expect ...