US President Joe Biden cites false economic data in an attempt to shift responsibility for rising inflation to his predecessor Donald Trump. “Inflation was 9% when I came to power,” he said in an interview with CNN.
At the same time, the TV channel itself indicated on its website that inflation reached a record 9.1% in June 2022, when Biden was already president. When he took office in January 2021, inflation was 1.4%, CNN notes.
Inflation growth in the US (on an annual basis) accelerated from 3.2% in February to 3.5% in March. Experts predicted that in March inflation will increase by 3.4% on an annual basis.
In the US, inflation has slowed significantly since June 2022, when it reached a 40-year high (9.1%). The Fed has yet to start reducing the discount rate, which remains at 5.25-5.5%. Experts believe inflation data is unlikely to allow the regulator to cut rates in the first half of 2024.