Oil not only driver behind US inflation slide: New York Fed's Cumming
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[LONDON] The recent slump in oil prices is not the only driver behind the slide in US inflation, New York Federal Reserve first vice-president Christine Cumming said on Thursday.
"Global demand is slow," Ms Cumming said at a banking dinner in London. "Even before the recent drop in oil prices, inflation was low and that was quite a surprise."
US inflation hit 0.8 per cent year on year in January while the month on month reading fell to -0.4 per cent.
Ms Cumming is due to retire in June. The New York Fed is the only regional bank not to have a permanent voting seat on the US central bank's policy setting committee.
REUTERS
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