Goolsbee: Fed must regain credibility on inflation

“The central bank certainly has work to do to continue to regain credibility on inflation,” Goolsbee said in an interview with CNBC.

Goolsbee also emphasized that price pressures are increasing and that they are proving to be more permanent than Fed officials predicted.

Futures markets and economists expect policy makers to raise interest rates again in December, following the increase in September, and another interest rate increase for January is reflected in prices.

Goolsbee previously described October consumer inflation data as "bordering on troubling."