Biden’s false declare that inflation was 9 p.c when he took workplace

Inflation “was at 9 p.c once I got here in and it’s now down round 3 p.c.”

Inflation continues to be an albatross for President Biden as he seeks reelection. After a long time of steady costs — inflation of about 2 p.c a yr — the sudden improve in Biden’s time period was a shock, each for shoppers and policymakers. Inflation, as measured by the year-over-year share change within the shopper worth index, spiked to a 9 p.c annual fee in June 2022. That was the very best degree in 43 years. Whereas it has come down to three p.c, many specialists had thought it might be decrease by now. The Federal Reserve, which pushed rates of interest sharply increased to chill the economic system, has not lowered them in what was anticipated to be an election-year increase for the president.

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