Economic chief Powell says today’s high inflation rates are temporary

Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary.

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June 23, 2021 - 9:07 AM

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Tuesday responded to concerns from Republican lawmakers about spiking inflation by reiterating his view that current price increases will likely prove temporary.

Consumer prices jumped 5% in May compared with a year earlier, the largest increase in 13 years.

Powell said in testimony before a congressional oversight panel that recent price gains mostly reflected temporary supply bottlenecks, and the fact that prices fell sharply last spring at the onset of the pandemic, which make inflation figures now, compared with a year ago, look much larger.

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