Runaway Inflation Under Biden Just Reached A New Milestone

Sky-high inflation since President Joe Biden took office in January 2021 reached a new milestone as Americans continue to have their finances strained due to the uptick in prices.

Inflation has resulted in a 20.1% non-seasonally adjusted price hike since Biden took office as of May, up from 19.9% in April and 16.3% the year prior, according to data from the Federal Reserve Bank of St. Louis (FRED). The new milestone was a part of the most recent consumer price index report, which measured a 3.3% inflation gain year-over-year in May.

Prices have continued to surge under Biden following inflation’s peak of 9% year-over-year in June 2022, with the annual rate of inflation not falling below 3% since then. The Federal Reserve, in an attempt to bring the inflation rate back down to its target of 2%, has hiked its federal funds to a range of 5.25% and 5.50%, increasing the cost of credit and adding on even more expenses for average Americans.

The increase under Biden is more than double the gain for the entire four years under former President Donald Trump, when prices increased 7.7% from January 2017 to 2021, according to the Federal Reserve of St. Louis. The inflation increase during the entire Obama administration was also far less, at 15% from January 2009 to 2017.

Despite the price increase in May, volatile energy prices helped bring down the overall monthly inflation gain, with the price of gasoline dropping 3.6% in the month while being up 2.2% in the year, according