U.S. Treasury Secretary Janet Yellen expressed concern over the significant increase in the cost of living, the Financial Times reported on Friday.
In an interview published on Friday, Yellen stated that while wages have risen significantly, some prices that matter to people have also increased sharply, particularly noticeable over a short period.
"People notice this when they buy food," she added, "They also feel it when renting. With rising mortgage rates, it has become more difficult for young people to enter the housing market."
In the 12 months ending in April, the U.S. Consumer Price Index (CPI) rose by 3.4%, compared with a 3.5% increase in March. Earlier this month, the U.S. central bank kept its benchmark overnight interest rate in the current range of 5.25% to 5.50%, unchanged since July.
