Inflation has been one of the biggest economic stories in the U.S. since prices began climbing sharply after the COVID-19 slowdown. A new analysis now says 81% of the cumulative inflation recorded since the pandemic period began took place during President Joe Biden’s term. The figure is being cited as a snapshot of when prices rose most, not as a standalone measure of what caused every increase.
The event
A recent analysis by economic commentators said roughly 81% of post-COVID inflation happened during Biden’s presidency, using federal inflation data that tracks changes in consumer prices over time. The calculation looks at cumulative inflation since early 2020 and compares the share that occurred after Biden took office on Jan. 20, 2021. That framing has gained attention because it puts a precise number on a period many households already associate with higher grocery, housing, and fuel costs.
The underlying benchmark is the Consumer Price Index, the federal government’s main inflation gauge. CPI inflation accelerated in 2021 and hit a 40-year high in June 2022, when the annual rate reached 9.1%, according to U.S. Labor Department data. Prices later cooled from that peak, but the overall price level remained well above where it stood before the pandemic.
The state or local impact
This figure is national, and no state-specific breakdown was released with the 81% calculation. That means the analysis does not confirm how much of post-COVID inflation in places like California, Texas, Florida, or New York occurred during the same period. It also does not provide a city-by-city estimate for major metros such as Los Angeles, Houston, Miami, or Chicago.
What is confirmed is that inflation touched common household categories across the country, including food, rent, energy, and transportation. Federal price reports showed consumers in every region faced elevated costs during 2021, 2022, and part of 2023, though the pace varied by market. A full local accounting would require regional CPI data, and that was not included in the analysis being discussed.
The cause or context
Economists and policymakers have pointed to several overlapping causes behind the price run-up since 2020. Federal officials, including the Federal Reserve, have said supply chain disruptions, strong consumer demand, labor shortages, and energy shocks all contributed to higher prices during the recovery period. Some analysts have also tied part of the surge to federal spending enacted in both the Trump and Biden years.
For consumers, the 81% figure mainly serves as a timing measure. It shows when most of the cumulative inflation happened, but it does not on its own separate presidential policy from global and business-cycle forces. Inflation has slowed significantly from its June 2022 peak, yet federal data shows prices in 2024 are still above pre-pandemic levels, which keeps the issue central for households and voters.
