Yellen says expects rents, biggest contributor to inflation, to move down this year

U.S. Treasury Secretary Janet Yellen testifies before a Senate Appropriations Financial Services and General Government Subcommittee hearing on President Biden’s proposed budget request for the Department of the Treasury for fiscal year 2024, on Capitol Hill in Washington, U.S., March 22, 2023. REUTERS/Evelyn Hockstein/File Photo

U.S. Treasury Secretary Janet Yellen on Wednesday said she expects the cost of rental housing – the single largest contributor to inflation – to move lower this year as new leases are signed.

In an interview with Fox Business, Yellen said it took a while for changes in rent levels to filter through into the consumer price index, but she expected that to occur this year.

“I have every expectation that the single biggest contributor to inflation is going to be moving down over this year,” she said.

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