WASHINGTON (Reuters) – Excessive inflation is being pushed by international phenomena that might not be anticipated, together with Russia’s invasion of Ukraine, U.S. Deputy Secretary of the Treasury Wally Adeyemo stated on Wednesday, including that U.S. demand stays sturdy.

“I do not suppose anybody noticed the invasion – Russia’s invasion of Ukraine – coming, which is driving the excessive vitality costs that we see in the present day,” Adeyemo informed MSNBC a day after U.S. Treasury Secretary Janet Yellen stated she was “unsuitable” final 12 months in regards to the path inflation would take.

“The easiest way to check what’s taking place right here in the US is to look around the globe, as a result of inflation is not solely taking place right here in the US. It is taking place across the globe,” Adeyemo stated.