(Bloomberg) -- Federal Reserve Bank of Richmond President Thomas Barkin said recent economic data highlighted how price pressures in some sectors are still too high, despite improvement in the overall inflation picture. 

Government data released last week showed consumer prices for goods declined in January, but that was more than offset by rising prices for shelter and services, Barkin said in an interview on SiriusXM that aired Wednesday.

“You do worry that when the goods price deflation cycle ends, you’re going to be left with shelter and services higher than you like it” Barkin said in the interview, which was recorded Tuesday. He added that he’s looking more closely at short-term inflation figures now than year-over-year data.

Barkin, who votes on monetary policy decisions this year, said earlier this month that the Fed should wait to cut interest rates until it has more evidence that inflation is firmly on a path to the central bank’s 2% target, echoing several of his colleagues. He did not comment on the rate path 

Read More: Barkin Says CPI Data Validate Why Fed Should Wait to Cut Rates


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