Consumers across the country can tell you that inflation has been high this year, evidenced by more expensive used cars, pricier furniture and the ongoing demise of New York City’s famous dollar slice. But until recently, policymakers in Washington responded to it with a common refrain: Rapid price increases were likely to be transitory.

Last week, policymakers said it was time to retire the label “transitory,” and acknowledged that the price increases have been proving more persistent than expected.

Jerome H. Powell, the Fed chair, said that while his basic expectation is that price gains will cool off, there’s a growing threat that they won’t do so soon or sufficiently.

“I think the risk of higher inflation has increased,” he said.