U.S. Federal Reserve Chair Jerome Powell said the latest U.S. inflation data is "more along the lines" of what is expected to be seen.

Powell made the comment during an event held by the San Francisco Fed on Friday, when asked about the newly released personal consumption expenditures(PCE) price index for February.

Earlier, the U.S. Department of Commerce said the core PCE price index, reflecting changes in the prices of goods and services purchased by consumers in the U.S., excluding food and energy products, had jumped two-point-eight percent last month from a year earlier.

While the on-year price gain is lower than the two-point-nine percent in January, it is still higher than data from the second half of last year.

Powell said the U.S. central bank is not in any rush to cut interest rates as policymakers await more evidence that inflation is contained. Market watchers expect the cuts to begin in June.