Federal Reserve Chair Jerome Powell said the latest consumer price data show that while the central bank has made substantial progress toward taming inflation, there is still more work to do.

Federal Reserve Chair Jerome Powell repeated on Wednesday that the central bank is in no rush to cut interest rates during a congressional hearing convened shortly after data showed U.S. consumer prices rose faster than expected in January in a sign progress on inflation may remain stalled.

Powell said officials need to see more progress on slowing inflation before considering further rate cuts but declined to give a specific level. “We're looking at the labor market and inflation,” Powell said in response to a question from Rep.