Treasury Secretary Yellen says Americans should expect second year of 'uncomfortable high' inflation

Treasury Secretary Janet Yellen said Thursday that she expects Americans to see another year of "very uncomfortably high" as the situation in Russia and Ukraine further exacerbates already rising prices on consumer goods in the U.S.

"I don’t want to make a prediction exactly as to what’s going to happen in the second half of the year. We’re likely to see another year in which 12-month inflation numbers remain very uncomfortably high," said the secretary on CNBC's "Closing Bell."

Yellen's appearance and comments arrived just hours following the February consumer price report, which showed inflation rose 7.9% in the last 12 months. The remarks also follow earlier comments she made to the network indicating that she expected inflation figures to become more moderate toward the end if 2022. 

Now, Russia's attack on Ukraine, Yellen says, has introduced increased uncertainty in the markets. "We have seen a very meaningful increase in gas prices, and my guess is that next month we’ll see further evidence of an impact on U.S. inflation of Putin’s war on Ukraine," said Yellen.

In addition to gas prices, Yellen says the Russia-Ukraine war will also impact food prices because both countries are major producers of wheat.