In a recent CNN interview, President Biden defended his administration’s economic policies. Biden claims that inflation was at a staggering 9% at his inauguration. However, the data indicates that inflation was really at 1.4% when he came into office.
The 81-year-old Biden repeated several times that inflation was 9% when he took office. And regardless of the facts, indicated that his administration had dropped inflation to record lows.
Despite efforts to address the issue, inflation has remained stubbornly high. It was measured at an annual rate of 3.5% as of March 2024.
According to Bureau of Labor Statistics data the average prices of goods and services have increased 19% during Biden’s term in office. This is nearly 5% per year.
The same data center compared Trump’s four years in office where prices increased by a total of 8%, or roughly 2% per year.
Biden Claims Disputed
Inflation started rising shortly after Biden took office. And it surged to rates not seen since the early 1980s. It reached 9.2% in June 2022 about 17 months after he became president.
