Former Federal Reserve Chairman Alan Greenspan said he sees inflation re-emerging as an issue for the economy and that there should be greater concern about it.

Consumer prices in the U.S., excluding food and fuel, increased more than forecast in February for a second month, indicating the possible return of prices pressures after oil prices slumped and the dollar strengthened.

The U.S. rate-setting Federal Open Market Committee, in explaining its decision to hold steady the benchmark interest rate on Wednesday, said inflation has picked up in recent months but market-based measures of inflation compensation are still low.

“The CPI is not the ideal, I should say core CPI, even that is not the ideal statistic to use. But I think we’re going to watch the inflation issue coming back,” Greenspan said in an interview on Bloomberg Television on Thursday.

When asked if concern about inflation should be deepening, Greenspan responded, “very much so.”

The Fed’s preferred gauge of inflation, which is the Commerce Department’s personal consumption expenditures measure, hasn’t matched the central bank’s 2 percent goal since April 2012.