Federal Reserve Vice Chairman Jefferson stated that the rise in energy prices may push up costs in other sectors.

Federal Reserve Vice Chair Philip Jefferson stated that the rise in energy prices may push up costs in other sectors of the economy, but so far the increase is still within a manageable range. Jefferson, in a prepared speech at the Dallas Fed on Thursday, said, "The impact of the current rise in US energy prices on inflation should be relatively small, but consumers are feeling the pinch at the gas pump." "If energy prices remain high for a long period of time, it may bring upward pressure on prices for other various products," he said. "As a policy maker, I will closely monitor whether the increase in these costs will reflect in the overall price system of the economy."