Trump Misstates Inflation Rates During CNBC Interview

During a recent interview on CNBC, President Donald Trump made several inaccurate statements regarding inflation rates during former President Joe Biden's administration. Trump asserted that inflation had decreased to 5% by the time Biden left office, claiming, “the reason it was down was because I had won the election.” However, data indicates that the inflation rate was actually 3% in January 2025, the month Trump took office, and had been 2.9% in December 2024, Biden's last full month in office.

Trump claims credit for inflation coming down during Biden presidencyCNN

Trump's claims about inflation are contradicted by the timeline of inflation rates. The year-over-year inflation rate rose from 2.6% in October 2024 to 2.7% in November 2024, and continued to increase to 2.9% in December 2024. This indicates that inflation did not begin to decline immediately after Trump's election victory in November 2024, as he suggested.

CNN

In response to Trump's claims, CNBC anchor Joe Kernen clarified that inflation had indeed been around 3% by the end of Biden's term. Despite this, Trump maintained his position, incorrectly asserting that inflation had dropped to 5%. This exchange highlights the ongoing debate over the economic conditions during the transitions between administrations.

Trump claims credit for inflation coming down during Biden presidency

Critics have pointed out that Trump's statements reflect a pattern of misinformation regarding economic data. Fact-checkers have noted that his claims about inflation and birthright citizenship have been previously debunked. The assertion that “no country in the world” offers birthright citizenship, except the United States, is inaccurate, as numerous countries, including Canada and Mexico, provide such citizenship.

CNN

There is a clear discrepancy between Trump's statements and the factual inflation data. While Trump insists on a 5% inflation rate, multiple sources confirm that the rate was significantly lower at the end of Biden's presidency. This inconsistency raises questions about the accuracy of Trump's assertions and the potential impact on public perception of economic performance.

CNN

• “No, it wasn't. It was down to 5 per cent. And the reason it was down was because I had won the election and it started falling after I won the election and I started getting prices down from right after November 5.” — Donald Trump, President

Trump claims credit for inflation coming down during Biden presidency

• “was down to about where it is now, about 3%,” — Joe Kernen, CNBC Anchor

CNN

• “And the reason it was down was because I had won the election, and it started falling after I won the election. And I started getting prices down from right after November 5.” — Donald Trump, President

CNN

This interview underscores the importance of accurate economic reporting and the potential consequences of misinformation in political discourse.

CNN