Biden falsely claims inflation in major economies ‘rising in double digits’

U.S. inflation surprised below expectations in November, slowing for the fifth straight month to a 7.1% annual rate. But when President Joe Biden took to the podium to celebrate the feat, he made a claim that didn’t stack up against statistics.

“In a world where inflation is rising in double digits in many major economies around the world, inflation is coming down in America,” Biden said.

While inflation in the U.S. is drawing down from June’s 9.1% peak, most recently falling from 7.7% in October to 7.1% in November, inflation is also starting to fall in most major economies in the world.

In the world’s top 10 largest economies based on gross domestic product, consumer inflation is on a downward trend in six: the U.S., China, Germany, the U.K., India and South Korea. And consumer inflation is flat in three countries. It held steady at the most recent peak the past two months in France and Italy, and remained flat the past two months in Canada, where inflation peaked in June, like the U.S.

The annual consumer inflation rate is rising in only one of the 10 largest economies, Japan, which sported a 3.7% annual increase in October, just a bit more than half of the current inflation rate of the U.S.

While Germany, the U.K. and Italy are facing double digit annual rates, it’s not rising as Biden suggested, at least not according to the latest available data. The statistics prove inflation is cooling in many other countries outside the United States.

“Make no mistake, prices are still too high. We have a lot more work to do, but things are getting better, headed in the right direction,” Biden said.