Inflation is up 20% since Biden took office

foxbusiness.com:

'Making Money' host Charles Payne argues inflation has not come down at all while President Biden has been in office. 

Inflation has emerged as one of the most stubborn political problems for President Biden in his re-election campaign, and price growth hit a grim new milestone this week in a blow to the White House.

The consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 3.4% in April, down slightly from March. But the report – released last week – also showed that prices are up more than 19.4% since Biden took office in 2021.

In a statement released after the data came out, Biden noted that «inflation has fallen more than 60% from its peak, and core inflation fell to its lowest level in three years.» But he acknowledged that «prices are still too high» and reiterated that fighting inflation is his «top economic priority.»

INFLATION INCREASES 3.4% IN APRIL AS PRICES REMAIN ELEVATED

While inflation has fallen considerably from a peak of 9.1% notched during June 2022, it remains well above the Federal Reserve's 2% goal. On top of that, progress in reducing overall costs for Americans has mostly stalled.

High inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Grocery prices are up more than 21% from the start of 2021, while shelter costs are up 18.37%, according to FOX Business calculations. Energy prices, meanwhile, are up 38.4.%.

WHY ARE GROCERIES STILL SO EXPENSIVE?

A shopper makes their way through a grocery store on July 12, 2023 in Miami, Florida. ((Photo by Joe Raedle/Getty Images) / Getty Images)

Price hikes are particularly devastating for lower-income