The Biden administration claimed Wednesday that it is “making progress” on inflation, even as official data showed consumer prices in December increased by 7% over the previous year, the fastest rise in approximately four decades.
“Today’s report—which shows a meaningful reduction in headline inflation over last month, with gas prices and food prices falling—demonstrates that we are making progress in slowing the rate of price increases,” President Joe Biden said in a statement released on Wednesday. “At the same time, this report underscores that we still have more work to do, with price increases still too high and squeezing family budgets.”
“Inflation is a global challenge, appearing in virtually every developed nation as it emerges from the pandemic economic slump,” Biden added. “America is fortunate that we have one of the fastest growing economies—thanks in part to the American Rescue Plan—which enables us to address price increases and maintain strong, sustainable economic growth. That is my goal and I am focused on reaching it every day.”
Biden issued a similar statement on Twitter. “Today’s inflation numbers show a meaningful reduction in headline inflation over last month,” Biden said. “We are making progress in slowing the rate of price increases. But there is still more work to do — I remain focused on lowering costs for families and maintaining strong economic growth.”
Today’s inflation numbers show a meaningful reduction in headline inflation over last month. We are making progress in slowing the rate of price increases. But there is still more work to do — I remain focused on lowering costs for families and maintaining strong economic growth.
— President Biden (@POTUS) January 12, 2022
Conservatives on Twitter lambasted Biden for his comments.
“The highest inflation in 40 years is “progress,” comrades!,” tweeted Breitbart News Senior Editor Joel Pollak.
The highest inflation in 40 years is “progress,” comrades! https://t.co/aj0A5LuxUa
— Joel Pollak (@joelpollak) January 12, 2022
“What world is he living in? When I the last time Joe Biden went to a supermarket and shopped?” independent journalist Carmine Sabia wrote.
What world is he living in? When I the last time Joe Biden went to a supermarket and shopped? https://t.co/EQF6n5SUBq
— Carmine Sabia (@CarmineSabia) January 12, 2022
“How is he saying that there’s been a meaningful reduction in inflation? HOW?,” wrote Chicks on the Right.
How is he saying that there’s been a meaningful reduction in inflation? HOW? https://t.co/eUzIWKJvpP pic.twitter.com/RycJvFRPh8
— Chicks On The Right (@chicksonright) January 12, 2022
Biden’s remarks came after the Bureau of Labor Statistics released its Consumer Price Index report for the month of December 2021. The CPI data showed that inflation had increased by an annual rate of 7%, the fastest year-over-year increase in nearly 40 years, as The Daily Wire reported. “The number of price categories experiencing inflation of 3% or more in the past year has nearly doubled since December 2020. That share is the highest it has been since 1991,” The Wall Street Journal reported, via the Daily Wire. Food inflation did slow down slightly month-over-month, but food prices were still up by more than 6% annually. Gasoline actually saw a slight decrease in price month-over-month, but prices at the pump are still up by almost 50% since last year. Energy prices as a whole were also up by nearly 49%, and used automobiles were up by more than 37% year-over year.
Biden faced a similar outcry after the White House tweeted a graph claiming that Biden had created “more jobs per month than under any other President – ever.” The graph claimed to show that Biden had created more than 550,000 monthly jobs, despite a disappointing December jobs report that was well under economists’ expectations.