According to Treasury Secretary Janet Yellen, the inflation we are seeing now is "temporary" and that “by the second half of the year, annual inflation rates will begin to decline toward their more normal level of around 2%.”
Yellen said during an interview with CNN on Friday, “I still would say it’s temporary, although, I don’t mean just a matter of a month or two. Although, monthly inflation rates are — have substantially declined from where they were just four or five months ago. But what we’re really seeing is the impact of the COVID pandemic has severely disrupted economic activity. It’s hugely boosted spending on products, on goods and diminished spending on services. It’s created an enormous demand for semiconductors and these supplies, although they’ve increased, are — have encountered bottlenecks and it’s really caused some inflationary increase in recent months."
She continued, "As people get back to work, as we defeat the pandemic, and as demand shifts back to services and as supply has a chance to adjust, I believe that price increases will normalize and we’ll see lower monthly inflation rates, I think, by the second half of the year, annual inflation rates will begin to decline toward their more normal level of around 2%.”
Yellen noted that while there will still be “some continued shortages."
I'll believe it when I see it.
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A partial transcript is as follows:
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