(RTTNews) - Atlanta Federal Reserve Bank President Dennis Lockhart called the latest CPI data a “high and worrisome” number Wednesday, although he said that the recent price increases are “more likely to be transitory than persistent.”

Speaking a t an Economic Outlook Conference at Georgia State University in Atlanta, Lockhart predicted that there will be only “partial” relief from the decline in oil prices.

“I expect the recent decline in oil prices will begin to reverse some of the pressures we have seen on overall inflation in the first half of the year,” he said in prepared remarks. “But the underlying global supply pressures remain tight, and demand pressures remain relatively high.”

“As such any relief will likely be only partial,” he added.

On the Federal Reserve’s recent policy decisions, Lockhart said, “My belief is that the Fed has undertaken tactically prudent actions to help move the economy through a difficult transition in line with the larger strategic goals of sustainable growth, low and stable inflation over the long term, and financial stability.”

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