Prices for services that were hard hit by the pandemic have also jumped in recent months as demand for these services has surged with the reopening of the economy.
To avoid sustained periods of unusually low or high inflation, the Federal Open Market 1/2  BIS central bankers' speeches  Committee’s (FOMC) monetary policy framework seeks longer-term inflation expectations that are well anchored at 2 percent, the Committee’s longer-run inflation objective.