During Donald Trump's presidency (2017-2021), the average yearly inflation rate was relatively low at 1.9%. Inflation remained stable throughout most of his term, spiking briefly due to the COVID-19 pandemic's economic impact in 2020
oai_citation:1,U.S. Inflation Rate by President: From Eisenhower to Biden oai_citation:2,PolitiFact | Trump says he left Biden a perfect economy, but the facts say otherwise.
In contrast, during Joe Biden's presidency (2021-present), the average yearly inflation rate has been significantly higher, at 5.7%. This spike was primarily driven by the economic recovery following the COVID-19 pandemic and further exacerbated by global supply chain disruptions and the Russian invasion of Ukraine, which led to sharp increases in energy prices
oai_citation:3,U.S. Inflation Rate by President: From Eisenhower to Biden oai_citation:4,FactChecking Biden on Inflation, Other Claims - FactCheck.org.
Biden inherited an inflation rate of 1.4% in January 2021, which then rose to a peak of 9.1% in June 2022, the highest in about 40 years, before starting to decline. Efforts by the Federal Reserve, including raising interest rates, have aimed to bring inflation back down, achieving a rate of 3.5% by mid-2023
oai_citation:5,Biden's Numbers, April Update - FactCheck.org oai_citation:6,FactChecking Biden on Inflation, Other Claims - FactCheck.org.