US Treasury Secretary Janet Yellen said she expects inflation to remain “uncomfortably” high this year.
US Treasury Secretary Janet Yellen said inflation is expected to remain “uncomfortably high” this year due to Russia’s attack on Ukraine.
In an interview with the US channel CNBC, Yellen stated that there is a lot of uncertainty regarding the Russia-Ukraine war. Stating that this situation exacerbated inflation, Yellen noted that she had difficulty in estimating the second half of the year.
“We’re likely to see another year in which 12-month inflation figures remain uncomfortably high,” Yellen said. She stated that the war increased the prices of many commodities, including crude oil and wheat.
Yellen said she is confident in the US Federal Reserve’s (Fed) ability to contain inflation and provide a “soft landing” for the US economy.