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.

Federal Reserve Chair Jerome Powell said Wednesday that the January consumer-price index data fit with an overall picture that the Fed is “close but not there” on getting inflation back to its 2% target.

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.