10:30 AM EDT, 10/10/2024 (MT Newswires) -- The Federal Open Market Committee is focused on trends in inflation, not one-month fluctuations, Chicago Fed President Austan Goolsbee said Thursday in a live interview on CNBC.

Goolsbee spoke after the release of stronger-than-expected September consumer price data Thursday morning, noting that the data still shows a downward trend over the last year, which is more important than a one-month upside surprise.

The pace of growth in shelter prices, a key concern for the FOMC, slowed in September, but goods price inflation, particularly for apparel and airfares, accelerated.

Asked about the outlook for FOMC decisions over the next coming meetings, Goolsbee repeated comments from other officials that decisions are made based on incoming data and that the FOMC will "consider all possibilities" at each meeting.

Goolsbee next votes on the FOMC in 2025.