Biden claims inflation was 9% when he took office – it was 1.4%
The president touted the job he has done in 'bringing down inflation'
Rep. Bryan Steil, R-Wis., discusses Americans feeling the impact of Bidens economic policies as he announces a new A.I. facility in Wisconsin and the GOP unveiling a bill that targets illegal migrant voting.
President Biden claimed on Wednesday that inflation was at 9% when he entered the White House in January 2021, when, in fact, the consumer price index (CPI) was at a mere 1.4% at the time.
"No president has had the run we’ve had in terms of creating jobs and bringing down inflation," Biden told CNN's Erin Burnett in an interview. "It was 9% when I came to office – 9%."
President Biden speaks to reporters as he hosts Romanian President Klaus Iohannis in the Oval Office at the White House on May 7, 2024 in Washington, D.C. (Chip Somodevilla/Getty Images / Getty Images)
It’s a notion Biden has alluded to before. In April, the president said: "Look, we have dramatically reduced inflation from 9% down to close to 3%. We’re in a situation where we’re better situated than we were when we took office where we – inflation was skyrocketing."
U.S. Inflation Rate Timeline (FOX News / Fox News)
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But under Biden's watch, the inflation rate ballooned from 1.4% to 9.1% in June 2022. While it has now declined to 3.5% as of March 2024, it remains well above the Federal Reserve’s target rate of 2%.
U.S. Inflation under Biden (FOX News)
Biden's claims come as he attempts to make the case to the American people that the economy is better under his "Bidenomics" agenda than it was under his predecessor, former President Donald Trump, whom he is running against for a second term.
While the White House repeatedly touts strong economic stats, voters at home aren't happy with Biden's job performance. A Fox News poll in March showed only 38% of Americans approve of Biden's handling of the economy.
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Although inflation has come down from its 9.1% peak, U.S. households are still feeling the pain from rising prices during Biden's term.
Under Biden, overall inflation (seasonally adjusted) has increased 18.9% from January 2021 to March 2024. During the same period, all food costs are up 21%, while shelter costs are up 20.5% and energy costs are up 36.9%.
FOX Business' Edward Lawrence and FOX News' Joseph Wulfsohn contributed to this report.