Minneapolis Federal Reserve President Neel Kashkari said inflation across the U.S. economy remains too high, even when volatile food and energy costs are excluded, according to CNBC reporting on comments he made to Fox News.
Key facts
- Kashkari said inflation is still too high across the U.S. economy.
- He made the remarks in an interview with Fox News, according to CNBC.
- He noted that inflation remains elevated even after stripping out energy and food prices.
- CNBC reported the comments on September 20, 2026.
Minneapolis Federal Reserve President Neel Kashkari said that inflation across the United States remains too high, according to a CNBC report published on September 20, 2026.
Speaking to Fox News, Kashkari pointed to underlying price pressures that persist even after removing the most volatile components of the inflation data. “So even if we strip out energy, which is really volatile, and strip out food … inflation is still too high,” he told the broadcaster, according to CNBC.
Economists and policymakers often look at so-called core inflation, which excludes food and energy prices, as a way to gauge the broader trend in price growth. By highlighting that measure, Kashkari signaled that the elevated readings are not simply the result of swings in commodity markets.
As a regional Federal Reserve president, Kashkari is one of the officials whose views feed into the central bank’s assessment of the economy and its decisions on interest rate policy. His comments offer a window into how some at the Fed are reading the current inflation picture.
The CNBC report focused on Kashkari’s characterization of the inflation environment and did not include additional details in the material provided.
Why it matters
Comments from Federal Reserve officials on inflation are closely watched because they can shape expectations for interest rates, which affect borrowing costs for households and businesses. Kashkari's view that inflation remains too high even excluding food and energy suggests continued caution among some policymakers.
Frequently asked questions
What did Kashkari say about inflation?
According to CNBC, Kashkari told Fox News that inflation is still too high across the U.S. economy, even after stripping out volatile energy and food prices.
Why does stripping out food and energy matter?
Kashkari noted that energy prices are 'really volatile,' and removing food and energy from the data is a common way to view underlying inflation. He said inflation remains too high even on that basis.
Who is Neel Kashkari?
Neel Kashkari is the president of the Minneapolis Federal Reserve, one of the regional Fed officials whose views inform the central bank's policy discussions.