Fed's Powell says inflation lower but still working toward target

By Michael S. Derby

NEW YORK, Feb 12 (Reuters) - Federal Reserve Chair Jerome Powell said inflation data released Wednesday highlights unfinished business on getting inflation back to the 2% target.

"We've made great progress" getting inflation back to the goal "but we are not quite there yet" and as a result, "we want to keep policy restrictive" to moderate price pressures, Powell told a House panel.

The consumer price index data released earlier in the day "says the same thing" about inflation, Powell noted, in that pressures have moderated but have not gotten back to desired levels.