WASHINGTON (Reuters) – High inflation is being driven by global phenomena that could not be anticipated, including Russia’s invasion of Ukraine, U.S. Deputy Secretary of the Treasury Wally Adeyemo said on Wednesday, adding that U.S. demand remains strong.
“I don’t think anyone saw the invasion – Russia’s invasion of Ukraine – coming, which is driving the high energy prices that we see today,” Adeyemo told MSNBC a day after U.S. Treasury Secretary Janet Yellen said she was “wrong” last year about the path inflation would take.
“The best way to compare what’s happening here in the United States is to look around the world, because inflation isn’t only happening here in the United States. It’s happening around the globe,” Adeyemo said.
(Reporting by David Lawder and Andrea Shalal; Editing by Chris Reese)
