Federal Reserve Bank of Cleveland President Loretta Mester said Friday that the latest round of inflation data is good news for the economy and the central bank.

After being higher than desired at the start of the year, “it is welcome to see that inflation is moving back down again," Mester said in an interview on CNBC.

Mester, who will retire at the end of the month, spoke on the television channel in the wake of this week’s Federal Open Market Committee meeting, which saw officials keep the central bank’s interest rate target at between 5.25% and 5.5%.

(Reporting by Michael S. Derby)