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Yellen says inflation fight remains top priority for Biden after hot September report
Secy Yellen holds press conference at the International Monetary Fund
Secy Yellen holds press conference at the International Monetary Fund.
Treasury Secretary Janet Yellen said on Friday that fighting record-high inflation remains a top priority for the Biden administration, noting the U.S. has "more work to do" in cooling out-of-control consumer prices.
"Yesterday’s CPI report shows that we have more work to do to get price increases under control," Yellen said during a press conference at the annual IMF-World Bank meeting. "While some leading indicators show hopeful signs, working families are continuing to feel the pain of high inflation."
Her comments come just one day after the Labor Department reported the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in September from the previous month. Prices climbed 8.2% on an annual basis.
Those figures were both higher than the 8.1% headline figure and 0.2% monthly increase forecast by Refinitiv economists, a worrisome sign for the Federal Reserve as it seeks to cool price gains and tame consumer demand with an aggressive interest rate hike campaign.
INFLATION SURGED MORE THAN EXPECTED IN SEPTEMBER AS PRICES REMAIN PAINFULLY HIGH