President Joe Biden falsely claimed in a Tuesday speech for the AFL-CIO that inflation is hitting the rest of the world worse than in the United States.
The Consumer Price Index (CPI) increased 8.6% year-over-year as of May, the U.S. Bureau of Labor Statistics revealed last week. Over the same period, the Producer Price Index (PPI) — which tracks inflation for wholesalers — increased 10.8%.
“Under my plan for the economy, we’ve made extraordinary progress,” Biden nevertheless argued at the labor union’s conference. “And we put America in a position to tackle the… worldwide problem that’s worse everywhere but here: inflation.”
However, data from the Organization for Economic Cooperation and Development (OECD) shows that the United States boasts higher inflation rates than many other developed countries. The 8.3% inflation rate seen in the United States as of April was higher than the 7.8% rate in the United Kingdom, the 7.4% rate in Germany, the 6.8% rate in Canada, the 6% rate in Italy, the 4.8% rate in South Korea, and the 2.5% rate in Japan.
“Energy prices remained the main contributor to inflation in France, Germany and Italy in April,” the OECD said, “while inflation excluding food and energy continued to drive inflation in Canada, the United Kingdom and the United States.”
The international organization recently increased its 2022 inflation forecasts for the world’s leading economies, including an upward revision from 4.4% to 5.9% in the United States — a level exceeding expected rates for Australia, France, South Korea, Norway, Switzerland, and Japan.
In response to the most recent inflation report for the United States, Biden again pinned the blame on “Putin’s Price Hike” — a reference to the Russian invasion of Ukraine and its role in hiking global energy costs.
Hellbound and Down 