"Janet Yellen Cautions Against Expecting Smooth Decline in Inflation"

US Treasury Secretary Janet Yellen warned that the decline in inflation may not be smooth, despite recent reports showing a rebound in price pressures. She emphasized that while progress on inflation is favorable, it may not be a smooth path month to month. Yellen attributed the previous surge in inflation to pandemic-induced disruptions in the global supply chain, a tight labor market, and increased consumer demand. She stated that President Biden's top priority is addressing the high costs that concern many Americans and expressed confidence that inflation will come down over time, dismissing concerns of stagflation.