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Inflation in the United States has jumped to 7%, the highest increase in nearly four decades. The Federal Reserve has already begun removing pandemic-related stimulus.
US inflation is 'too high' and the US Federal Reserve will make lowering it a priority, official Lael Brainard said Wednesday.
Brainard is a member of the Federal Reserve's board of governors and was nominated for the position of vice chair in late November by President Joe Biden.
Brainard is currently the only Democrat on the Federal Reserve's board. Biden is expected soon to nominate candidates for three vacancies on the board.
"Our monetary policy is focused on getting inflation back down to 2% while sustaining a recovery that includes everyone," Brainard said in a statement.
She added that the economy "is making welcome progress, but the pandemic continues to pose challenges."
"Our priority is to protect the gains we have made and support a full recovery."
On the same day, the US government released data showing that inflation had jumped to 7% in December from a year earlier, the largest jump in nearly four decades.
The Federal Reserve has already begun removing stimulus that had been provided to support the economy during the pandemic. It is also expected to raise the benchmark borrowing rate three or four times this year to help soften the rise in prices.
Inflation has risen globally over the past year, partly due to high energy costs and disruptions in supply chains due to the coronavirus pandemic.
sdi/aw (AP, AFP)