Janet Yellen said on July 15 that she expects several more months of “rapid inflation” during an interview with CNBC’s Closing Bell.

“We will have several more months of rapid inflation,” Yellen said. “So I’m not saying that this is a one-month phenomenon.”

President Joe Biden, however, promised Americans that they would see their “costs go down” if he was elected.

“You’ll actually see your standard of living go up, and your costs go down,” Biden said on October 24, 2020.