Fed watching prices closely says Santomero

The Federal Reserve is closely watching price increases in various industries, Philadelphia Fed President Anthony Santomero said on US television.

"Some areas where there were blockages we started to see some price adjustments. We will be looking closely to see how that plays out," Santomero said on CNBC television.

But he said competition was still a powerful force and could limit price increases.

"Even those that claim to have pricing power are subject to international and domestic competition

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