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.- READ MORE