11:46 ET<\/span>
\n<\/span><\/p>\nThe length of time that oil prices remain high will be significant for the US economy, US Federal Reserve chairman Ben Bernanke has said.<\/p>\n
He told the Senate Banking Committee that the most likely outcome was a temporary and modest rise in inflation.<\/p>\n
But he warned that a prolonged rise in oil prices would pose a danger to economic growth in the US.<\/p>\n
Mr Bernanke said he believed the US economy would continue to grow in 2011, but unemployment would remain high.<\/p>\n
Monitoring developments<\/span><\/p>\n“The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in US consumer price inflation,” Mr Bernanke said. <\/p>\n
“That said, sustained rises in the prices of oil and other commodities would represent a threat both to economic growth and to overall price stability, particularly if they were to cause inflation expectations to become less well anchored.<\/p>\n
“We will continue to monitor these developments closely and are prepared to respond as necessary to best support the ongoing recovery in a context of price stability.”<\/p>\n
He also cited rising food prices and weak home prices as other factors that could prompt US consumers to spend less.<\/p>\n
He added that the US still needed the support of the Fed’s second quantitative easing programme, known as QE2, under which it has pledged to pump $600bn (\u00a3368bn) into the economy to help boost demand.<\/p>\n
Data from the Commerce Department on Monday showed that US consumer spending rose by only 0.2% in January, below analysts’ forecasts of a 0.4% rise.<\/p>\n<\/p><\/div>\n<\/p>\n
See the rest here:
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