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Trump attacks Biden for 'through the roof' prices—here's how much they've actually risen since 2021

·1 min

Former President Donald Trump criticized President Joe Biden on CNBC’s “Squawk Box” for the rising inflation and its effect on people. Trump falsely claimed that cumulative inflation had increased by “over 50%” in recent years. However, economic data shows that cumulative inflation has risen by 18% since 2021, the year Biden took office. The year-over-year inflation rate is currently 3.1%, above the Federal Reserve’s target of 2%. While wage growth has outpaced inflation since May 2023, there are signs that inflation is slowing down. Wage gains have contributed to increased consumer optimism in recent months.