Sec. Yellen: ‘We’re Making Considerable Progress in Bringing Inflation Down’

EXCERPT:

YELLEN: “I think we're making considerable progress in bringing inflation down. And we saw this clearly in last week's news, 12-month headline inflation is down to 3.2 percent. That's down almost six percentage points from its high. But although prices in general are rising much less quickly, Americans still see increases in some important prices, including food from where we were prior to the pandemic. And this remains notable to people who go to the store and shop or rents, although they're rising less quickly now, are certainly higher than they were before the pandemic. So I do think we're making considerable progress in bringing inflation down but Americans do notice higher prices from what they used to be accustomed to.”