© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen attends a press convention in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria/File Photo
WASHINGTON (Reuters) – U.S. Treasury Secretary Janet Yellen mentioned on Tuesday that client value index information for January confirmed progress within the battle in opposition to inflation regardless of a surge in the price of shelter that pushed up the index greater than was forecast by economists.
Yellen, in ready remarks for an occasion at a Pittsburgh hospital, centered on the year-on-year CPI inflation determine of three.1%, not the shock 0.3% month-on-month surge in January.
“This morning’s CPI report showed that, in January, the headline consumer price index fell to 3.1 percent. That’s six percentage points below its peak in June of 2022,” she mentioned. “At the same time, the recession that many forecasters predicted we would need, to see inflation come down, hasn’t materialized.”
Yellen mentioned the Biden administration had made “significant progress in our fight to bring down inflation,” with the costs of key family expenditures like gasoline, eggs and airline fares coming in decrease.