Fed's Kashkari: US Inflation Still Too High Despite Softer PCE Data

The Minneapolis Federal Reserve president said price growth remains too elevated, while noting that the labor market is in good shape.

Minneapolis Federal Reserve President Neel Kashkari said that inflation in the United States remains "still too high," even after recent Personal Consumption Expenditures (PCE) data came in softer than expected. Kashkari made the remarks in an exclusive interview with Steve Liesman, network CNBC and CNBC Markets reported.

According to Kashkari, the American labor market remains solid and is in "pretty good" shape. His comments followed the release of the Personal Consumption Expenditures price index, the Federal Reserve's preferred inflation gauge, which showed a slowing annual pace.

Further details from Kashkari's interview have not yet been released.