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FACT BRIEF

Was inflation at 1.4% before President Biden took office?

By Sue Bin Park
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YES

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.

This fact brief is responsive to conversations such as this one.
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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Oklahoma Watch is a nonprofit, tax-exempt, 501(c)(3) corporation that produces in-depth and investigative journalism as a public service for the benefit of all Oklahomans. Through investigative, fact-driven journalism, we dig deep and examine significant issues facing our state. Our work engages all Oklahomans, amplifies the discussion of important issues and leads to change. We help develop the journalists and journalism of the future.
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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.