Treasury official claims inflation part of ‘economy in transition,’ only way out is 100% global vaccination

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The comments are the latest in misleading, conflicting messages on inflation from the Biden administration

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a top treasure This week the official claimed that the recent surge in inflation is part of an “economy in transition” and that the only way out is to vaccinate everyone in the US and around the world.

The Labor Department said this week that the Consumer Price Index rose 5.4 percent year over year in September Labour Department. Month-on-month prices increased by 0.4%.

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Inflation rises to highest in 13 years as energy prices rise

energy Prices climbed 1.3% in September and are now up 24.8% from last year. Meanwhile, food prices rose 0.9% last month and are now 4.6% annually. Prices of meat, poultry, fish and eggs have risen 10.5 per cent this year while beef prices have risen 17.6%.

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“Today we are facing an economy in transition, and as part of the transition we are seeing high pieces for some of the things that people have to buy,” Deputy Treasury Secretary Wally Adeyemo said in an interview. ABC News.

“That’s why the president was focused on getting the incentives in the American rescue plan into the hands of the American people, so they’ll be able to buy the products they need,” he said.

However, for the Treasury Department the solution is not monetary, but Medical.

Buttigieg on paternity leave from mid-August amid supply chain constraints

“But the reality is the only way we can get to where we work through this infection is if everyone in America and around the world gets vaccinated,” he said.

“That’s why the President continues to focus on the idea that we can get everyone in this country vaccinated and while we do that we continue to provide the kind of resources that will help the American people.” It needs to be made on the other side,” he said.

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Meanwhile, Federal Reserve Chairman Jerome Powell has claimed that the recent bout of inflation is “temporary” and that price pressures will ease over time as supply chain bottlenecks caused by COVID-19 are eased.

Granthshala News’ Jonathan Garber contributed to this report.


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