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Inflation in the US is 'unacceptably high'

Inflation in the US is ‘unacceptably high’

International19 June ’22 16:17AuthorBNR web editors

Inflation in the United States is unacceptably high. U.S. Treasury Secretary Janet Yellen made the remarks in an interview with ABC Television. He says high inflation is due to the ongoing war in Ukraine over fuel and food prices.

He argues that high inflation is caused not by local factors but by global factors, including Ukraine. U.S. inflation is currently at its highest level in more than 40 years. This undermines the purchasing power of households, which is detrimental to the economy. Yellen thinks inflation in the United States may fall in the coming months.

Read also | Prices rise sharply in US: Inflation rises to 8.6 per cent

The US Federal Reserve, the umbrella of the US Federal Reserve, raised interest rates last week to face higher inflation, the lowest level in nearly thirty years. Yale, the former central bank chairman, expects US economic growth to weaken, but does not think the recession will be immediate. According to him, a recession is ‘not inevitable’. He said the US job market is very strong.

Read also | The United States may reduce taxes on China to combat inflation

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