US Treasury Secretary Says Inflation Rate Is 'Unacceptably' High

The US Treasury Secretary Janet Yellen said that the inflation rate is unacceptably high due to the Ukraine war.

In press remarks, the US Treasury Secretary added that the causes of inflation in the United States of America are global, not local, expecting a slowdown in economic growth.

Moreover, Yellen made it clear that she does not rule out an economic recession, noting that the US labor market is still very strong, and US President Joe Biden is reviewing the tariff policy on China.

"We do not expect the causes of inflation to end soon, and we expect the pace of inflation to decline gradually over the coming months, and a recession in the United States is not inevitable," she continued.

It is worth mentioing that, US President Joe Biden stressed today, Friday, that fighting inflation is the “top economic priority.”

CNN stated that this statement came in response to the release of the Consumer Price Index report, which revealed the persistence of high inflation in the United States.

Biden indicated that the continued rise in prices is attributed to the current Russian-Ukrainian crisis, describing the Russian attack as “unjustified.”

“As we continue our work to defend freedom in Ukraine, we must do more and quickly to bring prices down here in the United States,” the US president said.

He pointed out that “high gas prices in pumps, energy and foodstuffs have accounted for about half of the monthly price increases, and gas pump prices have increased by $2 per gallon in many places since then.”