This summary discusses a fact-check regarding a statement made by former President Donald Trump about the price of bacon under President Joe Biden’s administration. Trump claimed that “bacon is up five times” during Biden’s presidency, suggesting a 500% increase. However, this claim is not accurate according to Federal Bureau of Labor Statistics data.
Key points from the fact-check include:
- Bacon Price Increase Under Biden: At its peak, the price of bacon rose by 30% from January 2021 (when Biden took office) to November 2022. This increase is significantly lower than the 400% implied by Trump’s statement.
- Current Price Comparison: After a decline from the November 2022 peak, the price increase of bacon during Biden’s presidency now stands at 11.5%. Additionally, the current price of bacon is only 2% higher than its peak during Trump’s presidency in September 2017.
- Expert Opinions: Experts, including David L. Ortega from Michigan State University and Joseph Balagtas from Purdue University, indicated that factors such as inflationary pressures, high grain prices, and consumer spending on food contributed to increased pork prices. These experts assert that fluctuations in bacon or pork prices generally do not correlate with who is president.
- Overall Food Price Rise: Food prices have risen approximately 19% from January 2021 to August 2023.
- PolitiFact’s Ruling: Based on the evidence, PolitiFact rates Trump’s statement that “bacon is up five times” under Biden as false. The actual data indicates a much lower increase, and experts clarify that such price fluctuations are not directly tied to presidential policies.
The sources for this fact-check include data from the Federal Reserve Bank of St. Louis, Federal Bureau of Labor Statistics, and interviews with agricultural economists.
