U.S. Treasury Secretary Janet Yellen has warned that inflation in the U.S. is “unacceptably high” and said that living decreasing costs is Washington’s “top priority.”
Data released Wednesday showed U.S. consumer inflation soared to 9.1%, the highest level since 1981.
“We’re first and foremost supportive of the Fed’s efforts; what they deem to be necessary to get inflation under control,” she said at a news conference in Bali ahead of the Group of 20 finance ministers’ meeting.
“Beyond that, we are taking our own steps which we believe will be supportive in the short term to get inflation down — particularly what we’re doing on energy prices and the Strategic Petroleum Reserve.”
“And also the work that we’re doing to institute the price cap on Russian oil and to avoid potential future spikes in oil prices,” she added.
Nearly half of the price increases in the latest inflation figures were due to high energy costs, Yellen added.
When asked whether taming inflation was more important than a recession caused by higher interest rates and slowing growth, Yellen said the top priority should be curbing inflation as the labor market is “currently very strong.”
