"Services inflation is 7%, and this is not just a story about rental inflation — which keeps jumping in leaps and bounds," Coulton said.Federal Reserve Chair Jerome Powell "has flagged services excluding rents as a key aggregate to watch and this is not really showing any signs of slowing down."Raising interest rates slows inflation by making it more expensive to buy things, and have helped drive price increases down from a summer peak to their current level.Wall Street expects the Fed to increase rates several more times this year, although in smaller increments than last year's jumbo-sized hikes."While it shows that the monetary policy tightening so far has been successful, with the annual rate of headline and core readings well above the 2% target level the Fed is not done tightening.""