Yellen Voices Concern Over Rising Living Costs Amid Wage Increases

U.S. Treasury Secretary Janet Yellen expressed concern over substantial living cost increases, despite significant wage hikes. Highlighting noticeable price surges in essential areas like food and rentals, Yellen outlined the challenges, especially for young homebuyers, amid unchanged interest rates by the central bank.

U.S. Treasury Secretary Janet Yellen expressed concern over substantial increases in living costs, the Financial Times said on Friday.

In an interview published on Friday Yellen said that although wages had gone up significantly, there were substantial price increases important to people, as such increases in a relatively short period of time were very noticeable. "They see it when they shop for food," she added. "They see it in terms of rentals. With higher mortgage rates, it's tough for young people who would like to buy a house to enter the market."

In the 12 months through April, US CPI increased 3.4% after climbing 3.5% in March. Early this month, the U.S. central bank left its benchmark overnight interest rate unchanged in the current range of 5.25% to 5.50%, where it has been since July.

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