Biden’s Inflation Speech Comes Back To Bite Him In The A** One Year Later

President Joe Biden is eating his words after wrongly predicting one year ago that inflation would be “temporary.”

“Some folks have raised worries that this could be a sign of persistent inflation. But that’s not our view,” Biden said at the White House on July 19, 2021. “Our experts believe and the data shows that most of the price increases we’ve seen are – were expected and expected to be temporary.”

“Now, I want to be clear: My administration understands that if we were to ever experience unchecked inflation over the long term that would pose a real challenge to our economy,” Biden continued, noting he’s “confident” it wasn’t what the administration was expecting.

President Biden on inflation concerns: “Our experts believe, and the data shows, that most of the price increases we’ve seen were expected and expected to be temporary.” pic.twitter.com/yzihZXZODu

— The Hill (@thehill) July 19, 2021

Biden then told reporters that “there’s nobody suggesting there’s unchecked inflation on the way – no serious economist.”

The Consumer Price Index (CPI) rose 1.3% between May and June, bringing the CPI to 9.1% over the last 12 months. (RELATED: FLASHBACK: Biden Administration Downplayed Inflation Concerns As Temporary)

“That’s a 17.1% annualized rate,” E.J. Antoni, a research fellow for regional economics in the Center for Data Analysis at The Heritage Foundation told the Daily Caller News Foundation, referring to the CPI data. “To put those numbers into context, prices are now rising in one month as much as they were rising in a whole year when Biden took office.”

Despite the data, White House Press Sec. Karine Jean-Pierre recently claimed the nation is “stronger economically than we have been in history,” pointing to the 3.6% unemployment rate and 8.7 million jobs created as the nation recovers from COVID.

The White House has repeatedly blamed Russian President Vladimir Putin for rising gas prices despite prices having steadily increased since at least November.

Former press secretary Jen Psaki said as recently as April that inflation was still “transitory” despite the record-high increases.