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Is inflation up 17% since President Joe Biden took office? [1]

['Tom Kertscher', 'Wisconsin Watch', 'More Tom Kertscher', 'Fact Checker']

Date: 2024-01-03 15:15:20+00:00

Reading Time: < 1 minute

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Yes.

The Consumer Price Index was 307.051 in November 2023, 17% higher than the 261.582 it was in January 2021, figures from the U.S. Bureau of Labor Statistics show.

Put another way, $100 in January 2021 has the same buying power as $117 in November 2023.

CPI is the government’s most widely used inflation measure. It includes food, clothing, shelter, transportation, energy and medical care.

Speaking Dec. 20, 2023, in Milwaukee, President Joe Biden said U.S. inflation is among the lowest “of any major economy.”

Inflation has trended downward for more than a year, following major increases.

Inflation rose after Biden took office in January 2021, peaking in June 2022. That month’s 9.1% year-over-year increase was a four-decade high.

Since 2021, inflation costs the typical household $11,434 annually, according to an analysis by Republican members of Congress’ Joint Economic Committee. Average wages are up $14,970, according to Democratic committee members.



This Fact Brief is responsive to conversations such as this one.

Sources

Google Docs: Consumer Price Index

Google Docs: CPI inflation calculator

U.S. Bureau of Labor Statistics: Consumer Price Indexes Overview : U.S. Bureau of Labor Statistics

U.S. Bureau of Labor Statistics: Consumer Price Index Summary

White House: Remarks by President Biden at the Wisconsin Black Chamber of Commerce

Statista: Monthly inflation rate U.S. 2023

Wisconsin Watch: Has inflation dropped to 3% as of mid-2023?

Wisconsin Watch: Is inflation costing Wisconsinites $10,131 more per year?

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[1] Url: https://wisconsinwatch.org/2024/01/inflation-biden-consumer-price-index-labor-statistics-fact-brief/

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