The March 3.5% inflation report delivered a blow to President Joe Biden, who tried to blame his predecessor for the rapid rise in prices.

“Look, we have dramatically reduced inflation from 9% down to close to 3%,” Biden said at a press conference at the White House Wednesday. “We’re better situated than where we were when we took office, where inflation was skyrocketing.”

The reality is that when Biden took office, inflation was at 1.4% — and it jumped to 4.2% in April 2021, then maxing out at a 40-year high of 9.1% in June 2022, Axios reports.

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The March spike in the consumer price index brought inflation to its highest level in six months. Core inflation, which excludes food and energy, rose 4.5%.

Since Biden took office, inflation has reduced Americans’ purchasing power by 19%. The average monthly payment for a new home has doubled to $3,322 a month, the New York Post reports. Food inflation is at its highest since Nixon was president.

What all this means is that the pace of inflation is picking up, prices American consumers are paying remain higher than prior years, and Biden is not going to get the cooling inflation he had hoped for to boost his approval ratings, CNN reports.

The unexpected rise is likely to delay a June cut in interest rates by the Federal Reserve. For voters, the continued high rate of inflation means higher borrowing costs for longer — and closer to Election Day.

Former Treasury Secretary Larry Summers, who served in the Clinton administration, raised the possibility that the Fed might have to increase interest rates. He even said that if the Fed used the same inflation gauges as it did in the 1970s, Biden’s peak inflation would have been 18%.

Expensive gas, energy, groceries, and mortgages locking families out of owning a home, are why a CNN poll shows a 55% majority of Americans think Biden’s policies have worsened economic conditions in the country.

An overwhelming majority, 91%, of Republicans say the Biden administration has damaged the economy.

Likewise, a new poll from McLaughlin & Associates shows an even half, 50%, of Americans think Bidenomics has been “bad” for the economy, inflation, and the cost of living.

Biden has tried to blame elevated prices on corporate greed, all the while his administration has spent trillions to fuel inflation.

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In a 2022 speech to Congress, Biden insisted he should not be blamed for the spike in prices, saying, “We have to talk about it because the American people think the reason for inflation is the government spending more money. Simply. Not. True.”

As the polls show, the voters are simply not buying it.