# Fed Governor Lisa D. Cook Says AI Data-Center Demand Could Delay 2% Inflation By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/25709 Published: 2026-09-30T09:19:42.000Z Updated: 2026-09-30T09:19:42.000Z Section: Regulation > Cook said AI productivity gains may provide only modest disinflation, while data-center construction could raise demand for labor and energy. Federal Reserve Governor Lisa D. Cook said artificial-intelligence investment, particularly data-center construction, could delay inflation’s return to the Fed’s 2% target by increasing demand for labor and energy across the economy. Cook said at Oakland Tech Week on Sept. 28 that companies had disclosed plans for $2 trillion in AI investment, though they had deployed only a small share of that amount. Data-center construction is competing for workers and energy with other parts of the economy. Electricity and water costs each rose about 5% over the 12 months through the speech date, increases Cook said may have been partly attributable to AI. Core goods prices were running above a 3% annual pace so far in 2026. Total inflation rose an estimated 3.8% in the 12 months through August, while core inflation rose an estimated 3.4%. The unemployment rate was 4.1% in August. “Currently, I anticipate that productivity gains will provide modest disinflation within the next few years,” Cook said. Cook distinguished between price increases concentrated in AI-related goods, including chips, computers and software, and broader pressure from infrastructure demand. Supply-chain adjustments could ease inflation in specific sectors, she said, while data-center demand for labor and energy and AI-related wealth effects could sustain wider price pressure. “I do not expect those effects to arrive in time to offset the broadening inflationary pressure later this year,” Cook said. The Federal Open Market Committee voted 12-0 on Sept. 16 to raise the federal funds target range by 25 basis points to 3.75%-4%. Cook supported the increase. The Fed said inflation remained elevated and that the decision was intended to support a timelier return to its 2% goal. The AI infrastructure expansion is also increasing demand for skilled trades, a trend TokenPost has [examined in its coverage of data-center labor pressures](). ## Links in this article - [examined in its coverage of data-center labor pressures](https://www.tokenpost.com/news/technology/24428)