Americans will likely see "uncomfortably high" inflation this year, Treasury Secretary Janet Yellen says
CBSN
Treasury Secretary Janet Yellen warned there could be another year of high inflation amid the uncertainty caused by the invasion of Ukraine. Prices have soared at their fastest pace in 40 years over the last 12 months.
"We're likely to see another year in which 12-month inflation numbers remain very uncomfortably high," Yellen said in an interview with CNBC. Yellen, who previously said she expected rising prices to ease in the second half of the year, said Thursday she does not want to make a prediction about the second half of this year.
The latest data from the Labor Department show consumer prices climbed 7.9% in February from a year ago, the largest annual increase since January 1982. Prices were up 0.8% last month, an acceleration from January as energy prices spiked with the Russia-Ukraine crisis.
