US will face unacceptable levels of inflation for some time

Washington: US Secretary of Treasury Janet Yellen warned that the United States is currently facing unacceptable inflation levels, which will continue for some time. Saying that controlling inflation was not in the hands of the government, the US Secretary of Commerce also blamed the situation on the Russia-Ukraine conflict. Whereas the White House spokesman claimed that international challenges cause the country’s rising inflation.

Last month, it was revealed that the US economy has declined by 1.5%. Besides, rising inflation is the main cause of this decline. The rates for fuels and most essential commodities are increasing against the background of the Russia-Ukraine conflict. An inflation index of more than 8% has been reported for two successive months, March and April.

This is the highest rise in inflation in the United States since 1981. All the essential commodities, including houses, energy, clothes, food grain, and vegetables, have recorded a record increase. Fuel rates have jumped by 50% and electricity bills have reported an increase of 30%. There has been an increase of 20% in the house prices and there has been an increase of more than 4% in house rents. Initially, the Biden administration did not consider the inflation issue seriously. A few months ago, Secretary of Treasury Yellen had made statements that this rising inflation is a temporary phase. But ever since Biden took over as the President, the inflation is consistently flaring up and the budgets of the US families have collapsed. This is causing the discontent for the Biden administration to rise in the US population. Repercussions of this have also been felt in the US Congress.

Meanwhile, Secretary of Treasury Yellen had to confess the inflation issue in front of the Senate committee. Yellen accepted that her previous statements had been proved to be wrong. At the same time, Yellen warned that the country’s flare-up of inflation is unprecedented and the state will continue for some time. Therefore, statements made by Yellen make it clear that the US population will have to bear the scorching inflation for some time. Analysts have claimed that this could have a detrimental effect on the economy.