Forex News: The cost of living in the U.S. will probably keep rising in 2008, but the increase should taper off in the new year as the heat comes out of commodity markets, SF Fed Pres Yellen said Monday. "I still see inflation expectations as reasonably well anchored and I anticipate that consumer survey measures will come down once oil and food prices stop rising," Yellen said at the University of California San Diego's Economics Roundtable. But she observed that the risks to inflation "have definitely increased," and though there was no evidence of one so far, "we cannot and will not allow a wage-price spiral to develop."
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