Biden Said Inflation Had Peaked at 6.8% Back in December – But, Six Months Later, It’s at 9.1%

Last December, when inflation was 6.8%, President Joe Biden reassured Americans that inflation had peaked – but, yesterday, the Bureau of Labor Statistic (BLS) reported prices rose 9.1% in June.

The Consumer Price Index (CPI), which is an indicator of inflation, rose 9.1% between June 2021 and June 2022, the Bureau of Labor Statistics (BLS) reported on Wednesday. That increase is “the largest 12-month increase since the period ending November 1981,” said the Bureau.

But, six months earlier – when inflation was at its highest level since June of 1982 – Biden said that “I think it’s the peak of the crisis,” calling high prices a “bump in the road.”

Jen Psaki, the White House press secretary at the time, said Biden based his claim on predictions by the Federal Reserve and outside economists “that inflation will come down next year.”

But, as Fox News Business notes, the Federal Reserve Board chairman contradicted Biden at the time:

“The president’s comments at the time came several days after Federal Reserve Board Chair Jerome Powell told Congress that ‘factors pushing inflation upward will linger well into’ 2022.

“Powell’s testimony followed months of the White House painting the skyrocketing inflation as ‘transitory’ and predicting it would come back down in 2022. The numbers have continued to rise, however, and the Federal Reserve has been forced to take a more hawkish approach by raising interest rates.”

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