(MENAFN) The chairman of the US Federal Reserve has rejected the White House’s claim that the surge in inflation in the country is mainly due to the situation in Ukraine. At a Senate committee on Wednesday, Jerome Powell said inflation was high before Russia invaded its neighbor.
He was responding to a question from Tennessee Senator Bill Hagerty, who said the price situation in the United States was influenced by a variety of variables, including “supply chain disruptions, regulations that restrict supply… .rising inflation expectations and excessive fiscal spending.”
He then asked Powell if he agreed with the Biden administration that, given the dynamics of inflation over the past 18 months, the crisis in Ukraine was the most relevant cause.
“No, inflation was high…before the war in Ukraine broke out,” the Fed chief added.
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