Janet Yellen echoes ECB in 'temporary' inflation call

Ms Yellen said inflationary pressures had been fueled by shortages of semiconductors and a rise in energy prices, but energy prices would begin to moderate in the months ahead

US Treasury Secretary Janet Yellen said "we'll see lower monthly inflation rates, I think, by the second half of (2022)".

US Treasury Secretary Janet Yellen has said she still sees inflation as a temporary result of severe supply chain bottlenecks, and expects price increases to normalise during 2022 as people get back to work and demand shifts back to services.

"As demand shifts back to services and supply has a chance to adjust, I believe that price increases will normalise and we'll see lower monthly inflation rates, I think, by the second half of (2022)," Ms Yellen said.