Prices have skyrocketed over 20% since Joe Biden took office

In the United States, inflation has been a significant economic issue since President Joe Biden took office in January 2021. Initially, the inflation rate surged to nearly 9%, prompting aggressive measures from the Federal Reserve led by Jerome Powell to combat rising prices. The Fed's response included a series of interest rate hikes, reaching a two-decade high by July 2023. Despite these efforts, overall prices have increased more than 20% during President Biden's term, severely impacting consumer buying power. The national Personal Consumption Expenditure index indicated a recent rise of 2.4%, signifying ongoing inflation pressures despite a decrease in the growth rate of inflation. As a result, economic experts and critics have debated the effectiveness of Biden's economic strategies, attributing part of the inflation to his administration's significant deficit spending, which included the injection of trillions of dollars into the economy. While the latest inflation rate has decreased to approximately 2.5%, this does not correlate with falling prices, as essentials such as groceries have seen even steeper price increases of over 22%. Additionally, the looming uncertainties surrounding external economic factors, namely potential tariffs proposed by the incoming administration, further complicate the overall economic landscape. It remains uncertain how these tariffs would influence inflation and the economy, adding another layer of unpredictability for the Federal Reserve's future monetary policy decisions.