Biden claims inflation was 'skyrocketing' when he took office, despite data showing opposite
==========
President Biden claimed that inflation was surging when he took office in January 2021, despite federal data showing the opposite. However, Bureau of Labor Statistics data indicates that inflation was recorded at just 1.4% in January 2021 when Biden took office and remained below 3% until April 2021. It surged to 4.2% in April 2021 and reached a 40-year high of 9.1%. Since then, the Consumer Price Index has steadily declined, decreasing every month until December, when it jumped from 3.1% to 3.4%. Inflation fell again in January but increased in February to 3.2% and again in March to 3.5%. The persistent inflation levels may prevent the Federal Reserve from slashing interest rates in the coming months. Biden's administration claims that the pandemic and Russia's war in Ukraine caused inflation to increase globally, and they have taken action to address it. High inflation has created financial pressures for U.S. households, particularly low-income Americans, who are disproportionately affected by price fluctuations. Housing and gasoline costs were the biggest drivers of inflation last month.
#Biden #Inflation #ConsumerPriceIndex #FederalReserve #Economy