Rising prices are having a negative impact on the lives of American citizens and they have a stronger sense that life is not affordable for them. This was stated by the US Treasury Secretary Janet Yellen on the air of the ABC television company.
"In the last three years, the price level has increased significantly. It is now growing very slowly, at rates close to normal. But Americans feel it, and the issue concerns them most when it comes to the costs that make life difficult. It's a problem that the US administration definitely wants to deal with, she said.
The head of the finance department noted that the period of the COVID-19 pandemic has been very difficult for the United States. “But even years before the pandemic, many Americans were struggling to keep up with health care, energy, education and child care costs. So they really feel the high cost of living. The cost of housing is almost unaffordable for people in many parts of the country. "I think the inflation that we've had since the pandemic has only made them feel worse that their lives are unbearable," Yellen added.
The rate of inflation in the US remains quite high and “many families feel squeezed by too high consumer prices.
Earlier, the US Labor Department reported that US consumer prices rose 3.3% year-over-year in May. According to experts, this figure should have been 3.4%.