Yellen Predicts ‘Rapid Inflation’ After Downplaying Risk For Months

Treasury Secretary Janet Yellen acknowledged “rapid inflation” will persist for several more months after she repeatedly downplayed the risk of consumer price increases.

Americans can expect consumer prices to continue their rapid rise until returning to normal in the “medium term,” Yellen said Thursday in an interview with CNBC. But Yellen, along with top Federal Reserve officials, predicted inflation wouldn’t be a concern.

“We will have several more months of rapid inflation,” Yellen told CNBC. “So I’m not saying that this is a one-month phenomenon.”