CLAIM: Biden says he has lowered inflation
“We have more to do, but here at home, inflation is coming down. ... Food inflation is coming down," Biden said, adding that inflation has fallen for the past six months.
Inflation has come down in recent months but is still higher than when he came into office by the most commonly cited metrics.
Inflation has indeed been on the decline over the past few months from the peaks notched over the summer.
The consumer price index showed the inflation rate at 6.5% on an annual basis in December. That means that, overall, prices for all items have increased by that average amount from December 2021 to December 2022. When volatile food and energy costs are removed, everything else increased by 5.7% during that same period.
