logo
Brief Publisher Logo
FACT BRIEF

Is inflation up 17% since President Joe Biden took office?

By Tom Kertscher
View this fact brief on Wisconsin Watch
Copy link
email
Copy featured image
email
YES

The Consumer Price Index was 307.051 in November 2023, 17% higher than the 261.582 it was in January 2021, figures from the U.S. Bureau of Labor Statistics show.

Put another way, $100 in January 2021 has the same buying power as $117 in November 2023.

CPI is the government’s most widely used inflation measure. It includes food, clothing, shelter, transportation, energy and medical care.

Speaking Dec. 20, 2023, in Milwaukee, President Joe Biden said U.S. inflation is among the lowest "of any major economy."

Inflation has trended downward for more than a year, following major increases.

Inflation rose after Biden took office in January 2021, peaking in June 2022. That month’s 9.1% year-over-year increase was a four-decade high.

Since 2021, inflation costs the typical household $11,434 annually, according to an analysis by Republican members of Congress’ Joint Economic Committee. Average wages are up $14,970, according to Democratic committee members.

This fact brief is responsive to conversations such as this one.
Sources
Google Docs Consumer Price Index
Google Docs CPI inflation calculator
US Bureau of Labor Statistics Consumer Price Indexes Overview : U.S. Bureau of Labor Statistics
US Bureau of Labor Statistics Consumer Price Index Summary
White House Remarks by President Biden at the Wisconsin Black Chamber of Commerce
Statista Monthly inflation rate U.S. 2023
Wisconsin Watch Has inflation dropped to 3% as of mid-2023?
Wisconsin Watch Is inflation costing Wisconsinites $10,131 more per year?
ABOUT THE CONTRIBUTOR
Wisconsin Watch
Wisconsin Watch, the news arm of the nonpartisan, nonprofit Wisconsin Center for Investigative Journalism, increases the quality and quantity of investigative reporting in Wisconsin, while training current and future investigative journalists. Its work fosters an informed citizenry and strengthens democracy.
FACT BRIEF BY
Brief Publisher Logo
Latest fact briefs from Wisconsin Watch
facebook
twitter
email
email
About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.