April 13 (Reuters) - Inflation data earlier this week that showed price pressures increasing were unsurprising, St. Louis Federal Reserve President James Bullard said on Friday as he downplayed the significance for monetary policy.
“Year-over-year core CPI is now above 2 percent but it was also above 2 percent all during 2016, and so it’s really only come back to the level that it was in that earlier period when interest rates were much lower,” Bullard told reporters following a speech at Washington University in St. Louis, Missouri.
“I think those developments so far have been unsurprising,” he added.
On Wednesday, one of the Fed’s key measures of consumer prices, the so-called core CPI, rose 2.1 percent year-on-year in March, the largest advance since February 2017, after increasing 1.8 percent in February. (Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)