WASHINGTON (AP) — Treasury Secretary Janet Yellen is providing assurances to Congress the recent jump in inflation is being watched very closely by the Biden administration, but said again that such increases appear temporary. Testifying on Biden’s $6 trillion budget proposal before the Senate Finance Committee, Yellen was asked Wednesday by Republican lawmakers about recent sharp gains in inflation, including a 5% rise in consumer prices for the 12 months ending in May. That was the biggest jump since 2008. Yellen said the administration is taking the recent inflation “very seriously” but still believes the price gains reflect temporary factors related to re-opening the economy after the prolonged shutdowns due to the pandemic.
