By January 2021, US inflation was at 1.4%, according to data from the U.S. Bureau of Labor Statistics. That is in contrast to President Biden’s claim on May 8, 2024 that inflation sat at 9% before he took office.
Inflation had been increasing prior to Biden’s presidency, climbing from a low of 0.1% in May 2020. It peaked in June 2022 at 9.1%, and has dropped and stagnated just above 3% since June 2023.
The increase was also seen globally, with median global inflation increasing to 8.8% by mid-2022. A number of factors have been proposed as causes to the spike, many relating to the COVID-19 pandemic’s effects on national economies and supply chains. The Russia-Ukraine war further affected sectors such as energy and food, contributing to global and national inflation trends.
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Sources
AP News Biden cites erroneous inflation statistic to make his case about the economy
US Bureau of Labor Statistics 12-month percentage change, Consumer Price Index, selected categories
Council on Foreign Relations Global Inflation Tracker
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