President Donald J. Trump has reported progress in reducing inflation and cost-of-living increases since taking office, stating that inflation has been cut by more than half, gas prices have decreased, real wages are rising, and key household expenses are moving downward.
According to the statement, “Democrats caused it. Under Biden, inflation averaged nearly 5% and hit 9.1% amid the worst inflation crisis in decades — fueled by the Radical Left’s obsession with spending.”
The administration claims that during President Trump’s current term, inflation has averaged 2.7%, which is described as a critical step toward reversing what they call a “cost-of-living disaster.” The statement adds: “In fact, under President Trump, Americans have even seen the first overall price decline since 2020. Core inflation — often called the best measure of inflation — is now lower than it was at any time during the last three years of the Biden Administration.”
Price increases under President Biden were cited for various goods and services: car prices rose 22%, gas prices increased by 30%, hotel rates climbed 37%, and airfares went up by 31%. In contrast, under President Trump’s administration, there have reportedly been declines in prices for eggs, butter, ice cream, fresh fruit, cereal, fish, seafood, rice, pasta, and ham. The price of a Thanksgiving turkey this year was also said to be down nearly one-third compared to its previous high.
The statement further notes reductions in prices for everyday essentials such as toothpaste, shampoo, toilet paper, laundry detergent, and diapers over the past year.
Households using propane or heating oil are expected to pay less for home heating this winter compared to last year. Prices for propane, kerosene, firewood, and fuel oil have all reportedly declined since President Trump took office.
Regarding prescription drugs: “Finally, after increasing 9% in total under Biden, prescription drug prices fell in President Trump’s first eight months in office. Now thanks to President Trump’s relentless ‘Most Favored Nation’ push drug prices will come down even further with unprecedented deals that lower the costs for inhalers arthritis medication obesity drugs infertility medicine and other items.”
On wages: “Democrats caused it. Under Biden Americans’ real wages plummeted by nearly $3 000.” The release continues: “President Trump is fixing it. For the first time in years wages are rising much faster than inflation. In President Trump’s second term even after accounting for higher prices Americans’ real wages are on track to grow by more than $1 000 after his first full year in office — and much more for workers in certain industries.”
Gasoline prices were highlighted as well: “Democrats caused it. Under Biden gas prices were the highest they had ever been setting multiple all-time record highs despite draining our strategic reserves to artificially decrease prices.” The statement claims that gas prices have now fallen to their lowest average price in over four years and that Americans are on track to spend less of their disposable income on gas than at any point in two decades.
Mortgage rates have also reportedly improved: “At the beginning of December the average 30-year fixed mortgage rate was 6.19% — 12% lower than when President Trump took office in January saving Americans $3 000 per year on new mortgages.” Shelter inflation is described as being at a four-year low with national median rent falling for four consecutive months.
