Yellen expects high inflation through mid-2022 before easing

Under control: Cargo shipping containers at the Port of Los Angeles. Supply bottlenecks and labour shortages have slowed the United States economic growth. — AFP

LOS ANGELES: Treasury Secretary Janet Yellen said she expects price increases to remain high through the first half of 2022, but rejected criticism that the United States risks losing control of inflation.

Inflation is expected to ease in the second half as issues ranging from supply bottlenecks, a tight US labour market and other factors arising from the pandemic improve, Yellen said on CNN’s “State of the Union”.