It has not been high for just a month or two—it has been high all year. It is important to acknowledge that. The unexpected inflation we have observed has raised costs for households and businesses and complicated their planning, which has a real effect on people’s lives. For the Fed, the question is whether higher inflation this year undermines moving toward our economic goals.
On that score, I continue to believe that the escalation of inflation will be transitory and that inflation will move 2/6  BIS central bankers' speeches  back toward our 2 percent target next year. That said, I am still greatly concerned about the upside risk that elevated inflation will not prove temporary. We have seen substantial increases in many prices.