Grocery prices, for example, increased by 13.5% over the year ending in August 2022.
This was the peak under the Biden administration, and prices have stabilised somewhat since, with the cost of groceries rising by 1.1% from July 2023 to July this year.
The recent trend is comparable with many other Western countries which experienced high inflation rates in 2021 and 2022, as global supply chain issues driven by Covid and the war in Ukraine contributed to rising prices.
But some economists say Mr Biden’s $1.9tn (£1.5tn) American Rescue Plan, which passed in 2021, was also a factor – as the injection of cash into the economy led to prices rising further.
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