United States Secretary Janet Yellen on Sunday anticipated the inflation rates in the country to return to the 2 percent range in the second half of 2022, according to CNN.
Asked by reporter Jake Tapper on the show “State of the Union” on the expected duration of normalcy in the inflation which stood at 5.4 percent at the end of September, Yellen reportedly answered it to happen next year.
“Well, I expect that to happen next year. Monthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer,” CNN quoted Yellen as saying.
Hitting out at former Treasury Secretary Larry Summers for his criticism against rising inflation rates, she said that the US is not losing control over inflation, reported CNN.
“I think he’s wrong, I don’t think we’re about to lose control of inflation, it’s something that’s obviously a concern and worrying them, but we haven’t lost control,” CNN reported her as saying.
According to CNN, Yellen hoped that the US would bounce back as the conditions get better after being worsened by the COVID-19 pandemic. (ANI)
