# Inflation under Joe Biden, 2021–2025

Source page: https://govargus.com/presidents/biden/inflation

Under Joe Biden, inflation averaged 5.0%, against 1.9% in the four years before. That is the 2nd-highest average of the 8 completed terms since 1977.

Inflation (CPI, year over year): Percent change in the Consumer Price Index for All Urban Consumers versus the same month a year earlier. Source: Bureau of Labor Statistics, via FRED CPIAUCSL (https://fred.stlouisfed.org/series/CPIAUCSL), fetched Oct 19, 2026.

## Year by year

Highest reading during the term: 9.0% in Jun 2022. Lowest: 1.7% in Feb 2021.

| Year | Average |
| --- | --- |
| 2021 (Feb–Dec) | 5.0% |
| 2022 | 8.0% |
| 2023 | 4.1% |
| 2024 | 3.0% |

## Every term

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

## Events during the term

- 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.