Inflation 'number one economic problem' -Treasury Sec. Yellen

STORY: Yellen's comments came during a budget hearing before the Senate Finance Committee.

Data this week showed consumer prices rising at a 6% annual rate last month, slower than in January but still far higher than the Fed's 2% target.

The U.S. Federal Reserve has raised its benchmark overnight interest rate by 450 basis points since last March to tame decades-high inflation.

Central bankers are seen pressing on with their campaign with a quarter-point interest-rate hike that just days ago looked possibly derailed by turmoil in the banking sector.