The Federal Reserve may act sooner than planned to start dialing back low-interest rate policies
No one wants to relive the double-digit inflation of the 1970s, Yellen told the Senate Finance Committee on Wednesday
The reading compared with a year-over-year gain of 3.4% in April
The inflation spike is likely temporary, but a Fed hike could come sooner than previously expected
Escalating inflation has intensified pressure on the central bank
The U.S. saw inflation rise by 5% over the last 12 months, the biggest jump since 2008
Survey finds a variety of upside and downside risks on forecasters' radar
Sources of inflation will likely prove temporary as the economy reopens and finds its footing
The concerns were detailed in meeting minutes
The increase wasn't a surprise given last year's drop in prices