Washington, Sept. 20 (SANA)Federal Reserve Bank of Minneapolis President Neel Kashkari stated Sunday that U.S. inflation remains elevated across multiple economic sectors and is not solely driven by rising energy andoil prices.

In remarks reported by Reuters, Kashkari noted that inflation rates remain high even when excluding volatile food and energy sectors, pointing out that price increases span broad areas, particularly services.

Kashkari supported the Federal Reserve’s unanimous decision last week to raise the benchmark interest rate by 25 basis points to a range of 3.75% to 4%, emphasizing that the central bank’s key objective remains returning inflation to its 2% target.

Addressing high oil prices, Kashkari clarified that the Federal Reserve lacks tools to reopen theStrait of Hormuzor directly lower oil prices, adding that everyday inflation affecting Americans extends beyond energy costs into the wider economy.

Policymakers’ projections indicate the possibility of at least one additional rate increase before the end of the year.