A man arranges produce at Best World Supermarket in the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File photo(Reuters) - U.S. inflation remains too high, although recent readings showing price pressures have eased notably were welcome, Richmond Federal Reserve President Thomas Barkin said on Thursday. “Certainly, last month’s inflation read was a good one and I hope it is a sign,” Barkin said in remarks prepared for a speech in Virginia. The Fed’s preferred measure of inflation - the Personal Consumption Expenditures price index - was up 3% year-over-year in June, down from 7% a year earlier. Barkin’s prepared remarks focused largely on whether a recession is imminent.

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Persons: Sarah Silbiger, Thomas Barkin, ” Barkin, Barkin, Barkin’s Organizations: Washington , D.C, REUTERS, Richmond Federal, Fed Locations: Mount Pleasant, Washington ,, Virginia, U.S