Federal Reserve Chairman Jerome Powell is holding a press briefing on the interest rate decision as officials are expected to leave the interest rate unchanged in Wednesday’s announcement as the rate of inflation is slightly easing up while oil prices are surging.

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The Office for National Statistics showed the consumer price index at 6.7% last month after a 6.8% reading in July. A recent rise in global oil prices could worsen inflation, and energy costs have spiked as well, with fuel oil increasing by 9.1% in August compared to 10.6% in July.

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Powell is slated to announce the latest interest rate at 2:30 p.m. EDT.