“The pandemic has been calling the shots for the economy and for inflation,” Yellen told CBS’s ‘Face the Nation’ programme.
“And if we want to get inflation down, I think continuing to make progress against the pandemic is the most important thing we can do.”
US inflation reached its highest level since 1990, as October’s consumer price index soared 6.2% year-on-year, and recorded a month-on-month increase of 0.9%, exceeding consensus expectations.
US inflation surge may remain ‘uncomfortably high’ as CPI reaches 6.2%
The FT reported that Yellen expects the recent rise in prices of certain goods, such as fuel, to come down in the second half of next year as long as the economy recovers from Covid-19.
According to Politico, she said: “You know, when the economy recovers enough from Covid, the demand patterns, people go back to eating out, traveling more, spending more on services, and the demand for products, for goods begins to…