CUNA Research: Inflation numbers not likely to change Fed calculus

October 14, 2021

October 13, 2021
Washington, DC 


Credit Union National Association (CUNA) Senior Economist Dawit Kebede, PhD, issued the following statement in response to the Bureau of Labor Statistics September Consumer Price Index report.

“Inflation remained high in September, as expected, due to continued supply disruptions and labor shortages. The imbalances between demand and supply that have been driving price increases hasn't changed after a slight indication of slowing down in August.

“The small monthly change for September is not surprising considering the impact of Delta in recent months, and may not bring a change in the calculus of the Federal Reserve's monetary policy response.”


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Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit To find your nearest credit union, visit

Stephen Fitzmaurice     
CUNA Communications