On Monday’s broadcast of CNN’s “OutFront,” Treasury Secretary Janet Yellen stated that the recent jump in the price of gas is in part due to increases in demand due to the summer driving season and some “global factors.” But that gas prices are much lower than they were at their peak last year and that while gas prices are “an area of uncertainty” and there still are some risks, “more broadly, inflation has come way down,” “So, I think the inflation news has been overall excellent.”
Yellen stated, “Well, we have seen some increase, partly because of the summer driving season and global factors. But gas prices are down off their highs, over $1.20. So, of course, this is an area of uncertainty. But, we’re certainly well off the highs. And, more broadly, inflation has come way down, something that’s been a tremendous concern to Americans. Over the last three months, inflation, both headline and core, has been running just around 2%. So, I think the inflation news has been overall excellent. While there are still risks, we’ve got a good, strong labor market with unemployment at a 50-year low of 3.5% and the economy continues to grow.”
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