In the summer of 2022 prices soared to about 9 percent in the United States, the highest level in four decades. The development prompted the Federal Reserve to institute aggressive tightening of financial conditions, raising rates that pushed up borrowing costs to control a rise in prices.
The Consumer Price Index (CPI) has slowed as a result and came in at 3.2 percent in February. This was a tad higher than the prior month’s reading but is substantially down from the peak of June 2022.
President Joe Biden has suggested this substantially better compared to other countries.
“Right now, America’s inflation rate is among the lowest in the world,” he noted on X, the platform formerly known as Twitter.
Right now, America’s inflation rate is among the lowest in the world while unemployment has remained below 4% for the longest stretch in more than 50 years.
— President Biden (@POTUS) March 16, 2024
The question is, is he correct? Newsweek took a look at how the CPI number in the U.S. stacks up against inflation readings among top global e