President Biden argues about inflation in '60 Minutes' interview: 'It hasn't spiked'

President Biden attempted to downplay the U.S. inflation crisis during a "60 Minutes" interview, claiming that the month-to-month rate has "hardly" risen – which prompted his CBS interviewer to dispute his response.

CBS correspondent Scott Pelley asked: "Mr. President, as you know, last Tuesday, the annual inflation rate came in at 8.3%. The stock market nosedived. People are shocked by their grocery bills. What can you do better and faster?"

Biden quickly told Pelley he needed to "put this in perspective" and that the inflation rate month-to-month was "up just an inch, hardly at all."

Pelley quickly interjected: "You're not arguing that 8.3 [percent] is good news?"

"No, I'm not saying it is good news, but it was 8.2 or 8.2 [percent] before," Biden responded. "I mean… you're making, make it sound like, all of a sudden, my God, it went to 8.2%."