Federal Reserve Bank of Richmond President Thomas Barkin said inflation remains too high after the personal consumption expenditures index, the Fed’s preferred inflation gauge, rose 5.4% in the year through May, the highest reading since April 2023. Speaking at the Aspen Ideas Festival on June 29, he said lower oil prices following the Israel-Iran ceasefire may help relieve some near-term pressure, but price increases have spread beyond energy. Barkin’s comments come as the Federal Reserve held interest rates steady this month while some officials continued to see a case for additional rate hikes later this year if inflation does not cool. His remarks underscore the central bank’s concern that a broader-based inflation pickup could prove harder to reverse even if energy costs moderate.