"Price growth soared in the first two years of Mr. Biden’s administration. It is falling toward historically normal levels now, though prices remain elevated from where they were three years ago. On Wednesday, the annual inflation rate dipped under 3 percent for the first time since 2021. Economists largely blame a mix of factors for the price surge, including snarls in global supply chains related to the pandemic recession and economic stimulus from the Federal Reserve and Congress — including increased federal spending and tax cuts approved first by Mr. Trump, then Mr. Biden. Over the last year, as grocery prices in particular have dragged on Mr. Biden’s approval rating, progressive groups urged him to blame something else for high prices: powerful corporations, whose profits soared during the pandemic."