Federal Reserve Bank of Minneapolis President Neel Kashkari said on Wednesday that he expects the central bank to raise rates again depending ‌on how the economy performs, amid a very necessary effort to bring inflation back to target.

A Federal Reserve rate hike next month looked less likely Wednesday after fresh government data showed inflation rose less than expected ‌in August, easing pressure on the US central bank to act on the eve of hotly contested national elections in November.

US inflation increased less than expected in August and price pressures were more moderate in the prior month than previously reported, likely reducing the urgency for the Federal Reserve to raise interest rates again in October.