President Joe Biden continues to say U.S. inflation is low compared with other parts of the world, but that is not exactly the case. However, there may be good news on the horizon.
WASHINGTON — There is likely little doubt the cost of going to the gas station or the grocery is impacting Americans' lives and wallets. The latest report from the Bureau of Labor and Statistics reports a 9.1% inflation rate — the highest since 1981.
But how does our inflation compare with the rest of the world? Listening to the White House recently, the U.S. inflation rate is bad, but not as bad as in other places. During a meeting with Mexico's President Andres Manuel Lopez Obrador last week, President Joe Biden said,"We are suffering from inflation imposed as a consequence of what’s going on in Ukraine, but we have the lowest rate of almost every major nation in the world.
There are many countries with higher inflation rates than the U.S. In Argentina, inflation right now is 64%. In Turkey, inflation is at 78%. Gas prices have fallen in the last 30 days in the U.S., and the country is now on pace for a national average of $3.99/gallon of gasoline by Aug. 14, according to Gas Buddy analysts.
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