US Official: 'Worst' of inflation seen likely this summer, easing in fall

US inflation is seen peaking this summer and then easing in the autumn, an official with the Biden administration said following the release of the Consumer Price Index (CPI) data.

Key quotes

"It's most likely that it's going to peak in the next few months. We'll probably see the worst of it this summer, and (then) in the fall, things will probably start to get back to normal.” 

"From a 'put your money where your mouth is' perspective, it's pretty clear what investors think. And the same is true for surveys of consumers, surveys of business leaders, and professional forecasters. Everyone's on the same page."

On US stimulus putting further pressure on prices, the official said “this is not piling stimulus upon stimulus," the official said.

"This is addressing a long-term problem over a longer duration. This is a decade-long plan to fix 40-year problems."