MNI BRIEF: Higher Prices Thru Mid-2022 Before Falling- Yellen

Inflation caused by bottlenecks in production and supply chains is "temporary" but will remain high until mid-2022 before falling in the second half of next year, Treasury Secretary Janet Yellen said Sunday.

"Monthly rates of inflation have already fallen substantially from the very high rates that we saw in the spring and early summer. On a 12-month basis, the inflation rate will remain high into next year because of what has already happened but I expect improvement by the middle to end of next year, second half of next year," she said.

In July, Yellen said price increases caused by supply bottlenecks could improve faster in "several months." The United States "has not lost control of inflation," Yellen stressed Sunday in the interview with CNN.