Chicago Federal Reserve Bank President Austan Goolsbee stated that while inflation remains elevated, recent data indicates a positive shift.

"The figures over the past few months have shown improvement, and I hope this trend continues," Goolsbee said in an interview on Thursday.

Goolsbee added that inflation is still too high. Data released this week shows that the core CPI remained moderate in July, following a cooling trend in June. A report released on Thursday also indicated that the Producer Price Index (PPI) slowed more than anticipated.