Donald Trump has taken credit for inflation coming down while Joe Biden was still in office as president. Speaking on CNBC via phone call on Tuesday (21 April), presenter Joe Kernen told the president that by the time Biden had left office, inflation was “down to about 3 per cent”. Trump responded: “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.” Inflation actually ticked up from 2.7% in November 2024 to 3% in January 2025 when Trump took office.