Data from the Bureau of Labor Statistics show prices rose 3.3% in May 2024 compared to May 2023, bringing the cumulative rate of price increases since President Biden first took office (the Presidential Inflation Rate) to 20.1%. This is the first time that Biden’s PIR has been greater than 20%.
But how does Biden compare to his predecessors?
The chart below shows the Presidential Inflation rates for Biden and the seven previous presidents at the same point in their terms (May of their fourth year). Only Jimmy Carter has a higher rate of inflation (39.8%) than Biden.
