"Madam secretary, inflation for all practical purposes is like a tax on working-class people. The middle-class people are spending a lot more on gas, food, Thanksgiving meals coming up, holidays coming up. Is this going to get worse before it gets better?" CNN's Wolf Blitzer asked.
"Well there will be some continued shortages. Semiconductors are in very short supply. That's caused the prices of both new and used vehicles to surge. Energy prices have gone up, but I believe energy prices will begin to moderate in the months ahead," answered Yellen in the interview.
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Before Thanksgiving, one of the most food-heavy holidays in the nation, the New York Times reported earlier this week that this year's celebrations could be "the most expensive meal in the history of the holiday."
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The outlet spoke to a sweet potato seller in North Carolina who announced that he's "never seen anything like it." This man has "been running sweet potatoes for 38 or 39 years."
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Norman Brown of Wada Farms in North Carolina stated: "I don't know what the answer is, but in the end it's all going to get passed on to the consumer."
The price of the main staple of Thanksgiving, the turkey itself, is going to reach "record highs," according to the New York Times.
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The inflation seen across the nation is being described as "transitory" by government officials, the rate is running at a 30-year high and has been for months.
Some say that a real fix requires understanding that the global supply chain has long been inefficient and needs a better model that incorporates climate change as a critical risk and business mission — and that will take years to build.
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How inefficient are logistics? Oren Zaslansky, founder and CEO of Flock Freight, which creates algorithms to maximize trucking loads, later told the CNBC Disruptor 50 Summit that as ports across the U.S. deal with long wait times for vessels, and there are not enough trucks for the loads that are coming off the cargo ships, the loads that do eventually hit the road as "full" often do so with lots of space inside the freight truck's trailer.
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As of now, there may be ten truckloads ready to go, though just one driver is available, and one-third of those truckloads aren't close to full. That means the customer is "paying to ship air," Zaslansky explained, and that is nothing new in the sector.
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