Yellen: Inflation Has Been ‘Quite Low for the Last Six Months’

During an interview with NPR aired on Friday’s “Morning Edition,” Treasury Secretary Janet Yellen argued that inflation has been “quite low for the last six months or so,” but she wants to see “inflation come down to much lower levels” over the next year.

Yellen said, “Inflation has really been quite moderate, quite low for the last six months or so, importantly, because of lower energy prices. We continue to see improvement in supply chains. Goods prices have actually been falling. And some of the supply chain issues that pushed up the prices of goods and commodities, those have really turned around. Rent indexes continue to rise. But, really, we see those coming down substantially over the next six months or so.”

Later, host Michel Martin asked, “What’s going to be your metric of success for the year? If you and I were to speak at the same time next year, what will you consider your major accomplishments?”

Yellen responded, “My priorities would be to see inflation come down to much lower levels and to do that in the context of a job market that remains strong, with jobs readily available for people who want to work.”

Follow Ian Hanchett on Twitter @IanHanchett