US Treasury Secretary Janet Yellen said prices were “unacceptably high” and predicted that the situation would continue for the rest of the year. However, he said that the strength of the household would avoid recession.
“Inflation has been high this year and it is certain that it will continue to be high for the rest of the year,” the Secretary said in an ABC show “This Week.”
However, the people’s savings are accumulating against the backdrop of the pandemic of the new coronavirus, and the labor market is “extremely strong,” and the recession is “not inevitable.” A fixed-term gas tax exemption is also “worthy of consideration” if it can help consumers survive inflation, he said.
He explained that the cause of persistent inflation is not a problem in the United States but a global situation. He pointed out that the turmoil in energy supply triggered by the war in Ukraine and the lockdown (city blockage) associated with the new corona are affecting logistics from China.
“It is unlikely that these factors will diminish immediately,” he said. “There are numerous uncertainties about world affairs.”
Original title:Yellen Says Elevated US Inflation Locked In for the Rest of 2022（抜粋）