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Wednesday, May. 29, 2024

Was inflation at 1.4% before President Biden took office?

Sue Bin Park, Oklahoma Watch
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.

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