Prices of goods and services in the US have jumped to record highs. Amid skyrocketing inflation, Treasury Secretary Janet Yellen acknowledged that the US authorities have difficulties with reducing high prices quickly. 

“I expect the economy to slow," Yellen said. "It's been growing at a very rapid rate, as the economy, as the labor market, has recovered and we have reached full employment. It's natural now that we expect a transition to steady and stable growth, but I don't think a recession is at all inevitable. Clearly, inflation is unacceptably high.”

Gasoline prices in the US have reached record highs since the end of March. US President Joe Biden has blamed Vladimir Putin for soaring prices. Biden was criticized by a number of US politicians and public figures, such as Lance Gooden, a congressman from Texas, who stated that inflation would be a “killer” for Biden.