The claim
“Current U.S. inflation rates are at their highest levels in 30 to 40 years.”
Steve Moore made the claim in an interview published by Fox Business on 9 October 2026, in which he said U.S. inflation was at 30- to 40-year highs.
Our verdict
False
The claim is false. Official figures put U.S. inflation at 3.4% in the year to August 2026, and inflation was higher than that as recently as 2006, so today's rate is not the highest in 30 to 40 years.
What we found
Steve Moore did say that U.S. inflation was running at 30- to 40-year highs, and that part of the claim checks out. But the numbers do not back him up. The Bureau of Labor Statistics, the official U.S. statistics agency, reported a 12-month inflation rate of 3.4% for August 2026. The same agency's historical figures show inflation above that level within the last 20 years — for example, 3.8% in 2006. If inflation was higher two decades ago, it cannot be at its highest in 30 to 40 years. We therefore rate the claim false.
The evidence
1 contradict and 4 support the claim, of 6 sources.
- Background
Fox Business published Steve Moore's statement that U.S. inflation is at 30- to 40-year highs. [1]
- Supports the claim
The Bureau of Labor Statistics reported that the official U.S. inflation rate for the 12 months to August 2026 was 3.4%. [2]
- Supports the claim
A second Bureau of Labor Statistics table confirms the 3.4% figure for August 2026. [3]
- Contradicts the claim
The Bureau of Labor Statistics' historical figures show inflation above 3.4% within the last 20 years, including 3.8% in 2006, which contradicts the idea that today's rate is a 30- to 40-year high. [4]
- Supports the claim
The Bureau of Labor Statistics' historical tables allow the current rate to be compared with earlier decades. [5]
- Supports the claim
The Federal Reserve Bank of St Louis records the August 2026 consumer price index level at 334.131. [6]
What we could not confirm
- Historical inflation figures can be revised later, which could change how the comparison looks.
- We looked only at the official consumer price index and did not examine other measures of inflation, such as the personal consumption expenditures index or core inflation.
- Our comparison stops at the data available up to 2026 and does not cover anything published after that.
- The most recent monthly changes may not yet appear in the sources we used, because official figures are published with a delay.
How we checked
We checked what Steve Moore actually said, then compared the current U.S. inflation rate with the official historical figures published by the Bureau of Labor Statistics. We reviewed 6 relevant sources.
Sources
- [1]www.foxbusiness.com · US inflation won’t slow for ‘another 18 months,’ economist Steve Moore says
- [2]bls.gov · Table 1. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by expenditure category - 2026 M08 Results · August 1, 2026
- [3]bls.gov · Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category - 2026 M08 Results · August 1, 2026
- [4]bls.gov · 12-month percentage change, Consumer Price Index, selected categories
- [5]bls.gov · Consumer Price Index Historical Tables for U.S. City Average : U.S. Bureau of Labor Statistics
- [6]fred.stlouisfed.org · Consumer Price Index for All Urban Consumers: All Items in U.S. City Average · September 11, 2026
Have evidence we missed?
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