Janet Yellen: Inflation is high, but this isn't like the '70s
CNN
High inflation is a thorn in America's side. Prices of groceries and gas are rising and Americans are growing pessimistic about the economy because of it.
But it's still nowhere as bad as the inflation spike of the 1970s, and prices aren't going to surge like they did 50 years ago, according to Treasury Secretary Janet Yellen. Back then, the inflation scare turned into stagflation — rising prices, combined with slow growth and high unemployment.
"In the 1970s, a series of supply shocks became a longer run problem ... that partly occurred because policy makers weren't trusted by the public to deal effectively with inflation," Yellen said during an interview with Bianna Golodryga for "Amanpour," set to air Wednesday at 2 pm ET on CNN International.
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