BALI, Indonesia — U.S. Treasury Secretary Janet Yellen has warned that inflation in the U.S. is “unacceptably high” and said bringing down rising prices will be Washington’s “top priority.”
Data released on Wednesday showed U.S. consumer inflation rose 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 press 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.”
This is breaking news. Please check back for updates.
