However, he said there were other factors helping to restrain inflation in the United States, and he repeated that the Fed is likely to keep interest rates exceptionally low for "an extended period."
Bernanke also said that regulatory reform has to address the too-big-to-fail issue, and it must be possible for financial firms to fail without dragging the broader system with them.
Instead, systemically important banks should be closely supervised and there should be an alternative to government bailouts.
In a rare commentary on the value of the dollar, Bernanke drew a link between its current weakness and inflation risks.
"We are attentive to implications of changes in the value of the dollar and will continue to formulate policy to guard against risks to our dual mandate to foster both maximum employment and price stability," he said in remarks prepared for delivery to the Economic Club of New York.