Yellen says inflation to stay high, Biden likely to up forecast

U.S. Treasury Secretary Janet Yellen told senators on Tuesday that she expected inflation to remain high

and the Biden administration would likely increase the 4.7% inflation forecast for this year in its budget proposal.

During a Senate Finance Committee hearing, Yellen said that the United States was dealing with

"unacceptable levels of inflation," but that she hoped price hikes would soon begin to subside.

U.S. Consumer Price Index inflation has been tracking above 8% in recent months,

the highest readings in over 40 years and well above President Joe Biden's administration's

forecast for its fiscal 2023 budget.

But another metric, the core Personal Consumption Expenditures price index

excluding volatile food and energy costs, has begun to cool, edging down to 4.9% in April