Chicago Fed President Austan Goolsbee said Friday that worsening inflation data could require a more forceful Federal Reserve response, as U.S. policymakers assess whether price pressures are spreading beyond energy.
Goolsbee made the remarks in a Nov. 13 interview on CNBC’s Squawk Box, which the Chicago Fed lists on its media appearances page. He said inflation had reached categories not driven by energy. His response was conditional on incoming data, and he did not commit to a rate increase.
The U.S. Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI) rose 0.4% in October, after a 0.6% increase in September. Core CPI, which excludes food and energy, rose 0.3% month over month in August, September and October. Because the BLS did not collect October 2025 data during the lapse in appropriations, it could not publish 12-month changes for most CPI series. EconoTimes previously covered October’s CPI report and Goolsbee’s comments on services inflation.
Producer prices also rose. The BLS said its final-demand Producer Price Index (PPI) increased 0.3% in October and 6.5% over the 12 months through October. That annual increase was the largest since November 2022, when it was 7.4%. The CPI figures provide monthly comparisons, while the missing October 2025 data prevent most annual comparisons in the latest consumer-price release.
The Fed’s longer-run inflation goal is 2%, measured using annual changes in the personal consumption expenditures (PCE) price index. On Oct. 28, the Federal Open Market Committee (FOMC) kept its federal funds target range at 3.75% to 4.00%; two members preferred a quarter-point increase.
Minutes from the Oct. 27-28 meeting are due Nov. 18. The FOMC’s next meeting is scheduled for Dec. 8-9, and the BLS is scheduled to release November CPI data Dec. 10 at 8:30 a.m. ET.
