US inflation: Janet Yellen expects inflation to fall to acceptable levels in 2022

Washington: US Treasury Secretary Janet Yellen stated that she hoped the country's inflation rates to fall to acceptable levels in the second half of 2022.

According to reports, "Monthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer. On a 12-month basis, the inflation rate will remain high into next year because of what's already happened."

"The coronavirus crisis obviously diminished spending on services and caused a reallocation of spending toward goods. And the supply of goods to Americans has increased substantially, but there's still pressure there," Yellan said. By the middle to end of next year, second half of next year, adding the Covid-19 shock to the economy has caused disruptions that "we will be working through over the next year".  US Treasury Secretary also pushed back against criticism that the US is about to losing control over inflation. "As we make further progress on the pandemic, I expect these bottlenecks to subside. Americans will return to the labor force as conditions improve," the Treasury Secretary added.

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