Inflation may be falling but it is yet to do so at a rate commensurate with inflation falling back to the Fed's 2% goal, Richmond Fed President Thomas Barkin said Wednesday.

"I'm waiting for inflation to crack...It's moving in the right direction...but in the absence of a month or two months or three months with inflation at our target it's hard to make the case that we're compellingly headed there," Barkin said in an interview with broadcaster CNBC.