Fed vice chairman says inflation in temporarily “very low”

US Federal Reserve vice chairman Stanley Fisher, said that US inflation was “very low” but that it was only temporary. “A large part of the current inflation is temporary. It has to do with the decline in the price of oil; it has to do with the decline in the price of raw materials,” he said on Bloomberg TV. “These are things which will stabilise at some point.” He also said that the US economy was near “full employment” in a further sign the US Fed is ready to raise interest rates when it next meets in October. The latest jobs data showed US unemployment at 5.3%, a 7 year low.