Despite the significant price increases experienced by Americans during President Joe Biden’s tenure, the figures have not escalated to the extent repeatedly claimed by former President Donald Trump. Trump, the presumptive Republican presidential nominee, has a history of inflating figures, a habit he has continued during his 2024 campaign.
Trump’s Inflation Claims
Trump has consistently overstated the inflation rate under Biden. He claimed at a Georgia campaign rally on March 9 that the three-year inflation rate under Biden was “almost 50%”. He further inflated this figure during a CNBC interview on March 11, stating that the cumulative inflation was “over 50%”. However, as reported by The Washington Post, these claims are far from accurate. Federal data shows that the cumulative inflation from when Biden took office in January 2021 through February 2024 was 18.6% – less than half of Trump’s claim.
Oil Prices
Trump has also made false claims about oil prices, stating at his March 9 rally in Georgia and March 2 rallies in Virginia and North Carolina that oil prices reached an all-time high under Biden. However, Tom Kloza, global head of energy analysis for the Oil Price Information Service, refuted these claims, stating that the all-time highs for WTI and Brent crude oil prices were reached in July 2008, trading above $147 per barrel. Although oil prices did spike under Biden in 2022 following the Russian invasion of Ukraine, they never reached record highs.
Gas Prices
Trump has made similar false claims about gasoline prices under Biden. For instance, in an October speech in Florida, he claimed that gas prices were “$5, $6 and $7” per gallon. However, AAA data showed that the state’s average price for a gallon of regular gas was about $3.42, and the national average was about $3.66. None of the 8,237 Florida stations tracked by GasBuddy were selling gas for as much as $5 per gallon that day.
Energy Prices
In a November speech in Florida, Trump claimed that the US now has the highest energy costs. However, Pavel Molchanov, a Raymond James energy analyst, refuted this claim, stating that US electricity prices are lower than in practically every other industrialized economy.
Bacon Prices
Trump has also made inaccurate claims about the cost of bacon, stating in multiple speeches that bacon cost Americans “five times” what it did before Biden became president. However, federal data showed that the average price of a pound of sliced bacon was up by about 21.5% under Biden, not the 400% Trump claimed.
Food and Grocery Prices
Trump claimed in a February 9 speech to the National Rifle Association that food costs 40, 50, 60% more than it did just a few years ago. At a March 16 rally in Ohio, he claimed that grocery prices had increased 30% under Biden. However, federal figures showed that overall food prices were up 20.3% over the last three years, and average grocery prices had increased about 21% under Biden.