My judgment right now is the recent inflation we've seen is temporary. It's not something that's endemic. I expect it to last, however, for several more months and to see high annual rates of inflation through the end of this year.

Treasury Secretary Janet Yellen, commenting to lawmakers late last week, as reported by Business Insider in its news story, “Popular U.S. Inflation Gauge Climbs at Fastest Rate Since 2008 in April.”
According to Business Insider, the Personal Consumption Expenditures price index—one of the most popular inflation metrics—gained 0.6 percent through April. The jump is the largest single-month gain since 2008 and matches the median estimate of a 0.6 percent increase from economists surveyed by Bloomberg.