US Treasury Secretary Janet Yellen stated that she still sees inflation as a temporary result of supply chain disruptions and expects price hikes to normalize in 2022 as people return to work and demand returns to services.
“As demand returns to services and supply has a chance to adjust, I think price increases will normalize and we’ll see lower monthly inflation rates, I think, for the second half (of 2022)“, said Yellen to CNN in an interview in Rome.
Yellen, who will attend a meeting of the Finance and Health ministers of the Group of 20 on Friday, said inflationary pressures have been driven by a shortage of semiconductors and an increase in energy prices, although these would begin to moderate. in the next few months.
He also stated that people have more confidence in the labor market and that income levels are increasing, especially for workers in the service sector.
In another interview on CNBC, he said that two major spending bills that are being debated by the Congress they would also help reduce inflationary pressures by lowering the cost of medical services.
Yellen He said he expects growth in the U.S. Gross Domestic Product to pick up and unemployment to fall further as the pandemic subsides and people return to work.
.
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
