From AEI:
…the US economy is indeed performing very well, and this can be seen most readily by comparing its performance with that of other advanced economies, all of whom were hit by the same pandemic shock in 2020, followed by the same inflationary surge. Figure 1 below compares cumulative US inflation since December 2020 (that is, the rise in the price level) with that of other advanced economies. (Data for all figures are presented in the appendix.) Clearly, and despite the blame laid on Biden’s policies, there is nothing exceptional about recent US inflation. It reflects the same factors driving prices around the world—supply-chain disruptions, rising global commodity prices, the pandemic shift in consumption from services to goods, and fiscal stimulus.
