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Fall in Consumer Prices Only Temporary: Fed's Lacker
Topics:Interest Rates | Inflation | Consumers | Federal Reserve | Federal Budget (U.S.) | Economy (Global) | Economy (U.S.)
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Jeffrey Lacker |
The recent slide in consumer inflation reflects the collapse in energy prices and does not herald a slide into full-blown deflation, Richmond Federal Reserve President Jeffrey Lacker said on Friday.
"This looks like a temporary dip in the price level ... When energy prices bottom out or stabilize, ultimately, those inflation numbers will pick up,'' he told reporters after delivering a speech.
The Consumer Price Index fell 0.7 percent in December from the previous month and advanced by only 0.1 percent for the year, the weakest 12-month gain since 1954.
Lacker, a voting member this year of the Fed's monetary policy-setting committee, was answering questions after delivering a speech to the Richmond chapter of the Risk Management Association.
Copyright 2009 Reuters. Click for restrictions.
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