Treasury secretary expects rising prices to return to "normal levels" once pandemic recedes

Treasury Secretary Janet Yellen expects increased prices at grocery stores, restaurants and elsewhere to eventually ease up once supply chain issues are resolved. 

"I believe it's transitory. But I don't mean to suggest that these pressures will disappear in the next month or two," Yellen told "CBS Evening News" anchor and managing editor Norah O'Donnell on Tuesday. 

The pandemic "led to a huge shift in demand away from services and toward goods. And it's created huge bottlenecks in supply chains," she said. "As the economy adjusts and we get the pandemic under control, the global economy comes back, these pressures will mitigate and, I believe, will go back to normal levels."