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By Howard Schneider WASHINGTON (Reuters) -Kansas City Fed president Jeffrey Schmid said on Friday that he dissented against cutting interest rates this week out of concern that continued high inflation and signs of price pressures spreading in the economy could raise doubts about the central bank's commitment to its 2% inflation target.

Energy price developments have resulted in a tick down in headline inflation, while core inflation remains at 2.4%. Read more here.

Local CPIs for September – a rare federal data release amid a government shutdown – shows that inflation not only remains problematic, but is heating up.

Euro zone inflation slowed a touch in October and continued to hover near the European Central Bank's 2% target, confirming the bank's message that the economy remains on the relatively benign path it projected earlier.

The European Central Bank must be careful in interpreting the inflation projections it will receive in December and avoid erratic policy decisions, according to Governing Council member Martins Kazaks.

Fed Chair Jerome Powell said inflation is not far from the central bank’s 2% goal if higher U.S. tariffs are removed from the equation. “You see goods prices increasing. That’s moving inflation up,” Powell said.

Turkey's monthly inflation rate is expected to be 2.83% in October, driven by hikes in clothing and food prices, while the year-end annual inflation forecast rose to 32%, a Reuters poll showed on Thursday.