ANKARA

The head of the Cleveland Federal Reserve Bank said the Fed can slow the pace of its interest rate increases starting from its next meeting in December.

"I think we can slow down from the 75 (basis points) at the next meeting, I don’t have a problem with that," Loretta Mester told CNBC on Tuesday.

She said the Federal Open Market Committee (FOMC) is at a point where it is entering a restrictive stance of policy.

"At that point, I think it makes sense that we can slow down a bit the pace of increases."

The Fed raised interest rates by 75 basis points on Nov. 2 for a fourth consecutive time, raising the target range for the federal funds rate to between 3.75% and 4% -- its highest since January 2008.

The US central bank has raised its benchmark interest rate by 375 basis points, or 3.75% since March to get control of record high inflation.

US annual consumer inflation came in at 7.7% in October, easing from the 8.2% annual gain in September. Annual US producer inflation rose 8% in October, slowing down from September's 8.4% gain year-on-year.

Mester, however, said the FOMC still has "more work to do" in order to achieve price stability as fast as it can and meet the Fed's 2% inflation goal.

The Cleveland Fed president has a voting right in the FOMC this year.