Biden falsely claims inflation 'worse everywhere but here,' but US rate higher than most developed countries
US wholesale inflation hit 10.8% on Tuesday
FOX Business’ host Stuart Varney on Jake Paul blasting the President over inflation, inviting the YouTube sensation onto his show to further discuss.
President Biden falsely claimed that inflation worldwide is "worse everywhere but here," but the data tells a different story.
Biden made the claim while speaking at the AFL-CIO conference in Philadelphia, Pennsylvania, on Tuesday, turning heads when he claimed inflation was worse everywhere else but the U.S.
"Under my plan for the economy, we’ve made extraordinary progress," the president claimed. "And put America in the position to tackle a worldwide problem that’s worse everywhere but here."
WHOLESALE INFLATION CLIMBS 10.8% IN MAY, HOVERING NEAR 40-YEAR HIGH
President Joe Biden spoke at the AFL-CIO conference in Philadelphia on Tuesday. AP Photo/Evan Vucci (AP)
However, Biden’s claim does not appear to be supported by the data.
According to economic data from April 2022, the U.S. inflation rate of 8.3% was one of the highest in the developed world, dwarfing Japan, France, Germany, Britain, Italy and Canada.
In May, the United Kingdom surpassed the United States on the inflation leader board, but the American inflation rate still grew to 8.6%.
Now, just one month later, Americans are facing down a wholesale inflation rate of 10.8% that is putting even more pressure on people’s wallets.
President Joe Biden falsely claimed inflation is worse everywhere else in the world than the U.S., which is facing historic inflation. (AP Photo/Alex Brandon) (AP Images)
The Labor Department said Tuesday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 10.8% in May from the previous year. On a monthly basis, prices grew by 0.8%.
Although that was slightly lower than the 10.9% forecast from Refinitiv economists, the reading — near a record-high of 11.5% notched in March — suggests that inflationary pressures in the economy remain strong.
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Biden's false claim comes as Democrats are headed into a tough election year favoring the GOP as inflation remains a top issue for Americans.
The White House did not respond to FOX Business’ request for comment.
FOX Business’ Megan Henney contributed to this report.