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Atlanta President spoke after Wednesday's CPI report showed monthly price slowdown and 5.4% YOY gain.
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Atlanta Fed President Raphael Bostic said most of the recent inflation gains should recede, speaking Wednesday after annual consumer prices rose 5.4% for a second month in July.
"I expect price inflation to average close to our target over the longer term," he said. "Obviously, we have seen inflation rise above 2 percent as the economy recovers from the pandemic downturn. But most of that rise is fueled by forces that should recede over time," Bostic said in prepared remarks in a speech to the Chautauqua Institution.
Bostic earlier in the week said he favors the start of a fast taper later in the fall, seeing a rate hike in late 2022, and has recently upped his forecast for headline PCE inflation to the 3.5%-3.6% range by the end of the year. The US Bureau of Labor Statistics reported Wednesday monthly CPI growth in July hit the slowest pace in five months.