NEW YORK, June 8 — The United States faces “unacceptable levels of inflation” Treasury Secretary Janet Yellen told senators on Tuesday, adding that it was likely to remain high but that she hoped price increases would soon moderate.
“I do expect inflation to remain high although I very much hope that it will be coming down,” she said. “When I said that inflation would be transitory, what I was not anticipating was a scenario in which we would end up contending with multiple variants of Covid that would be scrambling our economy and global supply chains, and I was not envisioning impacts on food and energy prices we’ve seen from Russia’s invasion of Ukraine,” Yellen said.
Her testimony came as the World Bank on Tuesday warned of a heightened risk of “stagflation” — the 1970s mix of feeble growth and high inflation — returning as it slashed its global growth forecast by nearly a third to 2.9 per cent for 2022.
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