Yellen: We Still ‘See Increases’ in Important Prices, But People Will See We’ve Improved EconomyIan Hanchett 20 Nov 2023
On Monday’s broadcast of CNBC’s “Squawk Box,” Treasury Secretary Janet Yellen acknowledged that “Americans still see increases in some important prices, including food, from where we were prior to the pandemic.” And responded to poor polling data on the economy by stating that “it’s our job to explain to Americans what President Biden has done to improve the economy. I think as inflation comes down, prices stop rising, and the labor market remains strong, Americans will begin to see that we have made meaningful progress.”
Co-host Andrew Ross Sorkin asked, “Thanksgiving is coming up, and some good news at least that we’re hearing in terms of inflation and the price of turkey and what it’s going to cost people at home to buy it, to get through Thanksgiving has come down, but it is still more expensive than where we [were] in 2021. How do you think about where we are in this inflation battle?”
Yellen answered, “So, I think we’re making considerable progress in bringing inflation down, and we saw this clearly in last week’s news, 12-month headline inflation is down to 3.2%. That’s down almost 6 percentage points from its high. But, although prices in general are rising much less quickly, Americans still see increases in some important prices, including food, from where we were prior to the pandemic. And this remains notable to people who go to the store and shop or rents — although they’re rising less quickly now — are certainly higher than they were before the pandemic. So, I do think we’re making considerable progress in bringing inflation down, but Americans do notice higher prices from what they used to be accustomed to. And, importantly, we’re making this inflation progress while maintaining a strong economy and a strong labor market. So, that’s good news for Americans.”
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