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Fed’s Powell Says High Inflation Temporary, Will ‘wane’

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FILE - Federal Reserve Chairman Jerome Powell, right, testifies before the Senate Banking Committee on Capitol Hill in Washington, Tuesday, Dec. 1, 2020. The economy is growing at a healthy clip, and that has accelerated inflation, Federal Reserve Chair Jerome Powell says in written testimony to be delivered Tuesday, June 22, 2021 at a congressional oversight hearing. (AP Photo/Susan Walsh, Pool)

(AP) — Federal Reserve Chair Jerome Powell said Tuesday that he expects recent price spikes will soon subside and reduce inflation to a sustainable level.

Consumer prices jumped 5% in May compared with a year earlier, the largest increase in 13 years. Powell said in prepared testimony that the increase mostly reflected temporary supply bottlenecks, and the fact that prices fell sharply last spring at the onset of the pandemic, which make inflation figures now, compared with a year ago, look much larger.

 

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