Powell warns: the fight against inflation "will make families suffer"

Fighting inflation in the United States "will make families and businesses suffer," but quitting would be worse for the economy, Federal Reserve Chairman

warned on Friday .

In a rare forceful statement at the annual central bankers' conference in

, Wyoming, he warned that the Fed will "vigorously use all of its tools" to combat rising prices, by raising rates.

In addition, he argued that returning to price stability "will take time" and will involve "a long period of weaker growth," reports AFP.

The

interest rates by

three-quarters of a point last July, leaving them in a range of between 2% and 2.25%.

The US has not experienced a period of such intense rate hikes for four decades.

In September, traders expect another rise, albeit a smaller one, possibly half a point.

The market estimates that at the end of this year or the beginning of next, official rates will be around 3.5%.

The data presented by the regulator place the inflation rate as the highest in the last 40 years.

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