Does every other major industrial nation have higher inflation than the U.S.?

Wednesday, June 29, 2022
By Lisa Freedland

Many countries with advanced economies have a lower inflation rate than the U.S.

Inflation is calculated by measuring the growth rate of the cost of a representative "basket of goods" known as a consumer price index. Using May 2021 as the base period, the U.S. inflation rate was 8.6% in May 2022.

The Organization of Economic Cooperation and Development has May 2022 inflation data for 24 OECD countries. Of those, 14 had lower inflation rates than the U.S. while 10 had higher rates.  

Pew reported that out of 44 advanced economies, the U.S. had the 19th highest change in its annual inflation rate between the first quarter of 2021 and the first quarter of 2022.

PolitiFact noted that in making the statement, "In every other major industrial country in the world inflation is higher," Biden may have been trying to convey that inflation has risen in other countries too, and not just the U.S., rather than that inflation has risen more in other countries than in the U.S.

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