Trump has a plan to lower inflation. It’s just delayed
CNN
President Donald Trump made a campaign promise to lower prices on Day One. Well, it’s Day 24, and as anyone who has gone shopping for eggs lately knows: Prices aren’t any lower than they were on Inauguration Day.
President Donald Trump made a campaign promise to lower prices on Day One. Well, it’s Day 24, and as anyone who has gone shopping for eggs lately knows: Prices aren’t any lower than they were on Inauguration Day. In fact, inflation rose much more than expected last month, the Bureau of Labor Statistics reported Wednesday – rising another half percentage point last month overall, buoyed by surging fuel and egg prices. It was the biggest monthly increase since August 2023. And prices were 3% higher year-over-year for the first time since June 2024. Yes, Joe Biden was president for 19 ½ of the 31 days the report covers, so much of America’s renewed inflation pain rests on the former president’s shoulders. But the bad inflation report also depicts a difficult political reality for the new president: Prices aren’t falling now that Trump is in office; they’re actually rising faster. Trump’s campaign promise was doomed to be broken from the moment he made it. No president can wave a magic wand to lower prices, and for that matter, Trump has been unlucky: Oil prices have been on the rise on concerns about tensions in the Middle East and on sanctions against Russia and Iran. And avian flu sent egg prices more than 15% higher last month – the biggest surge since June 2015. Prices were up across the board last month, though – not just those volatile and hard-to-control categories like food and fuel. There’s no way to spin this; January’s inflation report was just plain bad, and Trump is starting to own high prices. A CBS poll this week showed that nearly two-thirds of Americans think Trump hasn’t focused enough of his policies on reducing inflation. And a University of Michigan consumer survey released Friday showed that Americans’ inflation expectations for the year ahead surged this month.
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