Biden Claims Inflation 'Skyrocketing' When He Took Office, But Data Shows Otherwise

President Biden claimed inflation was "skyrocketing" when he took office in January 2021, but federal data shows it was below 3% at that time

Inflation remained under 3% until April 2021 when it surged to 4.2%, later hitting a 40-year high of 9.1% in June 2022

Inflation has declined from the 9% peak but ticked up in recent months, reaching 3.5% in March 2022

Persistent inflation bodes poorly for U.S. economic prospects and may prevent the Fed from slashing interest rates

Rising costs for housing and gasoline were the biggest drivers of inflation in March, placing strain on household budgets