Yellen: It is not clear whether inflation has reached a turning point

US Treasury Secretary Janet Yellen said it was good to see US inflation data indicating easing upward pressures, but added that it was not clear whether inflation had reached a turning point to continue moving lower.

Yellen added, "It was certainly great to see that the inflation report came out on the low side of expectations rather than on the high side, and as you know we've seen early signs that inflation might be waning." Yellen said that while rental prices have stabilized, they will continue to exert upward pressure on core inflation for some time due to stocks of old leases that will be renewed in a more widely expensive environment.