The downturn in the economy is a greater worry than inflation at the moment, U.S. Treasury Secretary Henry Paulson said on Thursday.
In a radio interview with the BBC, Paulson, on a visit to London, was asked whether his main focus was growth or prices.
"We are in both of our economies very focused on the downturn right now, particularly in the U.S., our biggest concern is the downturn," he said.
"There is no doubt that high headline inflation numbers as it relates to oil and food prices are a real concern to Americans.
But core inflation is relatively contained and my biggest focus today is on the downside risk which are housing, oil prices and obviously what is going on in the capital markets.