President Biden took a victory lap Thursday over a tentative deal to avoid a major railway strike that makes generous concessions to unions — even claiming that it will help cut grocery prices that have increased an eye-watering 13.5% over the past year.

The agreement, which closely follows recommendations made by a Biden-appointed arbitration board last month, would give workers 24% raises and $5,000 in bonuses retroactive to 2020 — meaning the average employee would get an immediate payout of $11,000 if the deal is ratified. 

Workers will also receive an additional day of paid leave per year as well as unpaid time off for doctor’s appointments and medical procedures without being penalized under attendance rules — a key union demand. Employee health insurance premiums will also be capped at 15% of the total plan cost.

The deal must still be approved by rank-and-file members of all 12 railroad unions — but that didn’t stop the president from holding a Rose Garden event celebrating the pact.

“This agreement is a big win for America,” the president said. “This is a win for tens of thousands of rail workers and for their dignity and the dignity of their work.”

“This is a great deal from both sides, in my view,” Biden went on. “The agreement is also a victory for railway companies.”

“Mr. President, grocery prices are up over 13%, what do you tell struggling Americans?” a reporter shouted at Biden as the event ended.

“Rail’s moving and it’s not going to go up,” Biden called back in response.

Although averting a shutdown of railways prevents a major transportation disruption, it’s unclear how the labor deal would halt broader food price increases. The agreement announced Thursday could even increase consumer prices by causing the transportation cost of goods to go up.

The Bureau of Labor Statistics said Tuesday that at-home food prices increased 0.7% from July to August — a 12-month increase of 13.5%, as overall annual inflation remained high at 8.3%.

Conservative commentator Ben Shapiro accused Biden of giving into the unions, claiming they had him “over a barrel” less than two months out from the midterm elections.

“Prior to an election, unions can hold up the Democrats at gunpoint, and the Democrats will just give away the store,” Shapiro said on his “Ben Shapiro Show” podcast Thursday. 

“That’s exactly what just happened with the railroads.”

“The amount of damage that was likely to have been done if this railroad strike had happened would have been egregious,” Shapiro added. “… Which meant that they had Joe Biden over a barrel.”

Shapiro expanded his point on Twitter, writing: “The entire Democratic-union strategy is: 1. Unions spend billions to get Democrats elected; 2. Unions threaten to strike in advance of an election; 3. Democrats force through an absolute sweetheart deal for unions, declare victory [and] You pay for it.”

Biden announced the deal early Thursday after a 20-hour negotiation session at the Labor Department. At around 9 p.m. Wednesday, the president called in to say that a railway shutdown was “unacceptable,” according to a White House official.

Labor Secretary Marty Walsh led the marathon talks and called the White House at around 2 a.m. Thursday to report that a tentative deal had been reached, the official said. Biden didn’t participate in that early-morning call.

The president hastily added two events to the White House schedule on Thursday morning — including a brief Oval Office meet-and-greet with negotiators. The president entertained his guests by telling a version of his famous “Joey, baby!” story to underscore his love of Amtrak, even though fact-checkers have debunked the tale.

Rose Garden guests who had participated in the overnight talks told reporters they hadn’t slept and were pleasantly surprised to get an invite to the White House.