From CNBC: 2024-07-11 11:21:47

As President Joe Biden and former President Donald Trump faced off in a CNN Presidential Debate in Atlanta, inflation decelerated in June 2024. The consumer price index rose 3% from June 2023, down from 3.3% in May. Economists say global events and factors beyond the control of Biden and Trump led to inflation spikes.

A mismatch of supply and demand due to the pandemic disrupted global supply chains, causing labor shortages. Consumers bought more goods like furniture, boosting demand. Automakers lacked necessary chips, and rental car prices rose. The war in Ukraine also fueled higher commodity prices, leading to global inflation spikes.

Biden and Trump approved spending bills like the American Rescue Plan during the pandemic, contributing to inflation. While these policies had positive impacts on the economy, they also added to inflation by increasing consumer demand. The Federal Reserve was criticized for initially slow action in containing inflation and implementing quantitative easing. Some experts pointed to “greedflation” as a factor.

Read more: High inflation is largely not Biden’s or Trump’s fault, economists say