Federal Reserve Chair Jerome Powell on Thursday lauded recent declines in inflation but warned that consumer prices remain "too high" and a return to pre-pandemic levels may require lower-economic growth.

"Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal," Powell said. "While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to 2 percent."

This is a developing story. Please check back for updates.