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Friday, Jun. 21, 2024

Have prices increased 40-50% since Trump left office?

Hallie Claflin, Wisconsin Watch
no

Cumulative inflation since former President Donald Trump left office in January 2021 through May 2024 was 20.1% according to data from the Federal Reserve’s Consumer Price Index for All Urban Consumers, or CPI-U.

Trump told a crowd on June 18 in Racine, Wisconsin, that “real inflation” is more than twice that.

Americans have experienced significant price increases since Biden took office, but they aren’t close to the 40-50% inflation that Trump suggested. The Russian invasion of Ukraine and the pandemic have been the main causes of inflation during Biden’s presidency.

Inflation is measured by a price index to examine the change in prices of many different goods and services. The CPI-U is one of the most common ways to measure inflation. This system is based on spending patterns of urban consumers and measures the monthly change in prices paid for a theoretical market basket of goods and services.

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