Inflation rates have surged to nearly 19% since President Joe Biden took office, leading to a significant increase in prices across various sectors. Although the annual inflation rate stood at 3.5% for the year ending in March, the Bureau of Labor Statistics reported that the consumer price index has risen by 18.9% since January 2021.

Households are experiencing sticker shock as prices continue to rise, despite a recent moderation in the inflation rate. Key areas of concern include electricity prices, which have surged by over 29%, and piped gas prices, which have risen nearly 30%. As a result, utility bills have become more expensive for consumers nationwide.

The impact of inflation is also felt in everyday grocery shopping, with household goods and food staples witnessing considerable price hikes. Meats, poultry, fish, and eggs are now 21.4% more expensive, while fruits and vegetables have seen a 14.4% increase since January 2021. The rising cost of pet food, up by 23.7%, is also affecting pet owners who are now paying more to care for their furry companions.

Other sectors experiencing price increases include clothing, which has seen a nearly 10% surge in prices over the past three years, and monthly rent, which has climbed over 20% since President Biden's term began. These price hikes have caused concern among the public, who regularly encounter them in their daily lives.

Republicans have attributed the inflation largely to President Biden and the Democrats, citing the massive $1.9 trillion pandemic spending bill passed at the beginning of his tenure. They argue that the combination of stimulus spending and low interest rates set by the Federal Reserve has fueled demand and subsequently led to inflation.

Democrats, however, point out that former President Donald Trump also implemented significant COVID-19 stimulus legislation. Additionally, disruptions in the supply chain caused by the unwinding of pandemic-related shutdowns have contributed to the inflationary pressures.

The Biden administration's position was also influenced by the impact of the COVID-19 pandemic, according to Brian Marks, executive director of the University of New Haven's Entrepreneurship and Innovation Program. Furthermore, Russia's invasion of Ukraine in early 2022 has driven up oil prices, adding to the inflationary forces.

Public sentiment towards President Biden's handling of the economy is reflected in recent polling. A CNBC survey showed that his economic approval numbers stood at only 37%, although this was a slight improvement from December's figure of 33%.

With the upcoming election in mind, experts point out that high inflation poses challenges for the Biden campaign. Recent inflation reports, although lower than the peak in 2022, have emerged as a concern, as they have surpassed expectations. Peter Loge, director of the George Washington University School of Media and Public Affairs, noted that high inflation is never favorable for an incumbent president, stating that a decline in prices and an increase in job opportunities are preferred conditions for a successful campaign.

As the year progresses, President Biden will face the task of addressing the rising prices and managing inflationary pressures within the economy to secure the confidence of the American public.