The Labor Department said this week that the consumer price index had risen 5.4% year over year in September, according to the Labor Department. Prices increased 0.4% month over month.
Energy prices climbed 1.3% in September and are now up 24.8% over the past year. Food prices, meanwhile, jumped 0.9% last month and are now up 4.6% annually. Prices for meats, poultry, fish, and eggs, have climbed 10.5% this year while beef prices are up 17.6%.
"Today we face an economy in transition, and as part of the transition we are seeing higher pieces for some of the things people have to buy," Deputy Treasury Secretary Wally Adeyemo said in an interview with ABC News.
"That’s exactly why the president was focused in the American Rescue Plan in ensuring on getting stimulus into the hands of the American people, so they'd be able to buy the products they need," he said.
The solution for the Treasury Department, however, is not monetary, but medical.
"But the reality is the only way we’re going to get to a place where we work through this transition is if everyone in America and everyone around the world gets vaccinated," he said.
"This is why the president continues to be focused on the idea that we get everyone who can vaccinated in this country and while we’re doing that we continue to provide the kind of resources the American people need to make it to the other side," he said.
Federal Reserve Chairman Jerome Powell, meanwhile, has claimed the recent bout of inflation is "transitory" and that price pressures will ease over time as supply chain bottlenecks caused by COVID-19 are alleviated.
Fox News' Jonathan Garber contributed to this report. Read more on FOX Business.