(Reuters) – San Francisco Fed President Mary Daly warned it is far too early for the U.S. central bank to “declare victory” in its fight against inflation after new data showed a reprieve in consumer price pressures, the Financial Times reported on Wednesday.
“There’s good news on the month-to-month data that consumers and business are getting some relief, but inflation remains far too high and not near our price stability goal,” the report quoted Daly as saying.
U.S. consumer prices were unchanged in July due to a sharp drop in the cost of gasoline, delivering the first notable sign of relief for weary Americans who have watched inflation climb over the past two years.
(Reporting by Akriti Sharma in Bengaluru; Editing by Shri Navaratnam)
