(Bloomberg) -- The US is making “considerable progress” in bringing down inflation, which is especially notable given the labor market remains strong, Treasury Secretary Janet Yellen said Monday.

The annual inflation rate, as measured by the government’s consumer price index, has dropped to 3.2% in October from its 2022 peak of more than 9% after the Federal Reserve embarked on an aggressive campaign of interest-rate increases to cool price pressures.

While prices aren’t rising as fast as they were last year, they are still increasing and many essential items remain much more costly than they were before the pandemic.  

“We’re making considerable progress in bringing inflation down, but Americans do notice higher prices from what they used to be accustomed to,” Yellen said in an interview on CNBC. “And importantly, we’re making this inflation progress while maintaining a strong economy and a strong labor market. So that’s good news for Americans.”

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