Fact Check: Inflation is still lower today than it was under Joe Biden.

Fact Check: "Inflation is still lower today than it was under Joe Biden."

What We Know

The claim that "inflation is still lower today than it was under Joe Biden" requires an examination of the inflation rates during Biden's presidency compared to current rates. As of October 2023, the cumulative inflation rate since President Biden took office is reported to be 17.1% according to the House Budget Committee, with a current inflation rate of 3.7% as per the Consumer Price Index (CPI) report for September 2023 (source).

In comparison, the average year-over-year inflation rate during Biden's presidency has been approximately 4.95% (source). This indicates that while the current inflation rate is lower than the average inflation experienced during Biden's term, it does not account for the cumulative inflation over the entire period.

Analysis

The assertion that inflation is lower today than under Biden is misleading. While the current inflation rate of 3.7% is indeed lower than the average inflation rate of 4.95% during Biden's presidency, it fails to consider the cumulative inflation that has accumulated since he took office, which stands at 17.1%. This cumulative figure reflects the overall price increases that consumers have faced since January 2021, which is significant when evaluating the economic impact on households (source).

Furthermore, historical context is essential. Inflation rates have fluctuated significantly over the years, with the current rate being lower than the peak inflation rates experienced in the early 1980s but higher than many periods in the past two decades (source). The claim does not specify the timeframe for "today," which can lead to confusion regarding whether it refers to the current month, year, or the entirety of Biden's presidency.

The sources used to support the claim come from a politically motivated statement by a Republican committee chairman, which may introduce bias. While the data on inflation rates is factual, the framing of the statement may be intended to serve a political narrative rather than provide an objective economic analysis (source).

Conclusion

Verdict: False. The claim that "inflation is still lower today than it was under Joe Biden" is misleading. While the current inflation rate is lower than the average inflation experienced during Biden's presidency, it does not account for the cumulative inflation of 17.1% since he took office. Therefore, the statement oversimplifies a complex economic situation and fails to provide a complete picture of inflation trends.