# US inflation by president, 1980–2026

Source page: https://govargus.com/indicators/inflation

Percent change in the Consumer Price Index for All Urban Consumers versus the same month a year earlier.

Latest: 3.7% (Sep 2026).
Source: Bureau of Labor Statistics, via FRED CPIAUCSL (https://fred.stlouisfed.org/series/CPIAUCSL). Monthly data, fetched Oct 19, 2026.

Since 1980, inflation ranged from −2.0% in Jul 2009 under Barack Obama to 14.6% in Mar 1980 under Jimmy Carter. Of the 8 completed terms with data, inflation averaged highest under Jimmy Carter, at 9.8% against 8.1% in the four years before, and lowest under Barack Obama, at 1.4% against 3.3% in the four years before. So far under Donald Trump (2nd term), it has averaged 3.0%.

## By presidential term

Each row is the average during the term, next to the average over the four years before it. A term's first year mostly reflects the previous administration's policies, and Congress, the Federal Reserve and the world economy move these numbers too. Govargus describes; it does not score presidents.

| President | Term | During term | 4 years before |
| --- | --- | --- | --- |
| Donald Trump (2nd term) | 2025–present | avg 3.0% so far | avg 5.0% |
| Joe Biden | 2021–2025 | avg 5.0% | avg 1.9% |
| Donald Trump (1st term) | 2017–2021 | avg 1.9% | avg 1.1% |
| Barack Obama | 2009–2017 | avg 1.4% | avg 3.3% |
| George W. Bush | 2001–2009 | avg 2.8% | avg 2.3% |
| Bill Clinton | 1993–2001 | avg 2.6% | avg 4.4% |
| George H. W. Bush | 1989–1993 | avg 4.4% | avg 3.3% |
| Ronald Reagan | 1981–1989 | avg 4.6% | avg 9.8% |
| Jimmy Carter | 1977–1981 | avg 9.8% | avg 8.1% |

## Events that bear on this indicator

- Jul 6, 2018, trade: Section 301 tariffs on China begin. First 25% tariffs on $34 billion of Chinese imports; China retaliates and the trade war escalates through 2019.
- Mar 11, 2021, law: American Rescue Plan. About $1.9 trillion in relief, including a temporarily expanded child tax credit and larger ACA premium subsidies.
- Mar 16, 2022, federal reserve: Fed begins raising rates. First of eleven rate hikes over 2022–23 to fight post-pandemic inflation.
- Aug 16, 2022, law: Inflation Reduction Act. Clean-energy tax credits, Medicare drug-price negotiation and a corporate minimum tax.
- Apr 2, 2025, trade: Broad "reciprocal" tariffs announced. A baseline 10% tariff on most imports plus higher country-specific rates, several later paused or renegotiated.