Consumers could see the cost of food climb in addition to the spike in gas prices driven by the Russia-Ukraine crisis.
. Prices have soared at their fastest pace in 40 years over the last 12 months.
Yellen said Thursday the situation in Ukraine has exacerbated inflation, driving what she called a"very meaningful increase in gas prices." She said she anticipates that next month will show"further evidence of an impact on U.S. inflation of Putin's war on Ukraine." Americans had been struggling with high inflation even before the invasion, as the United States deals with supply chain bottlenecks and shortages coming out of the coronavirus pandemic. Inflation was up 7.5% year-over-year in January.
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