Trump says U.S. prices are “coming down tremendously.” Here’s what the data shows.

President Trump’s recent message claiming to be “crushing” inflation and bringing prices down has been met with skepticism from economists and consumers alike. Despite the administration’s efforts, inflation has steadily risen throughout the year, reaching a rate of 3% in September. This increase has been attributed to the new tariffs on imports imposed by the Trump administration, causing prices to surge.

Federal Reserve Chair Jerome Powell acknowledged the impact of these tariffs on inflation, noting that prices for goods have increased as a result. While some analysts predict that inflation will continue to rise in the near future, the Fed expects it to recede to 2.4% next year. However, for many Americans struggling to afford daily necessities, the rising cost of goods is a pressing concern.

Food prices have seen a significant increase, with grocery bills climbing approximately 49% since 2020. Beef steaks, in particular, have surged by almost 17% from a year ago. Shoppers are feeling the pinch, with many making tradeoffs and scrimping to afford basic groceries. Housing affordability remains a challenge as well, with more than 75% of homes across the country deemed unaffordable for the typical household.

While gas prices have decreased, other energy costs, such as residential electricity, have risen by over 10% in the first eight months of 2025. This increase has led to a growing number of households falling behind on their utility bills. Despite the decline in fuel prices, the overall cost of living for many Americans continues to rise.

President Trump’s focus on making America affordable has been met with mixed reactions, with some Republicans and economists expressing doubts about the administration’s ability to curb inflation. As the midterm elections approach, the issue of affordability is likely to remain a key talking point. It remains to be seen whether the administration’s policies will have a lasting impact on inflation and consumer spending in the months to come.