However, the Democrats’ claim seems to contradict recent economic data showing that the president’s ‘Liberation Day’ tariffs
enacted in April have thus far not significantly raised consumer prices.
“President Trump was handed worsening inflation, and he brought it back down in just a few months,” EJ Antoni, chief economist at the Heritage Foundation, told the Daily Caller News Foundation in a statement Friday. “The claim that prices are soaring is empirically false by any measure.”
The personal consumption expenditures (PCE) price index, the Federal Reserve’s key inflation marker,
slowed to 2.1% in April, an increase of just 0.1% for the month. That is the lowest rate since February 2021.
[clip]
In April grocery prices
saw their biggest drop in five years since September 2020, largely driven by a sharp decline in the price of eggs, which fell to their lowest price in roughly 40 years.
U.S. consumer confidence also surged in May, reversing five straight months of decline, according to a
report from the The Conference Board.
“While the left cries wolf, prices continue to fall, and the economy is booming under President Trump and Republicans in Congress,” NRCC Spokesman Mike Marinella told the DCNF in a statement. “It’s clear House Democrats have no message other than pathetic fear-mongering and distractions for their failures.”
Antoni cautioned that persistent high tariffs coupled with a trade war with China could “significantly raise prices” but that scenario has not yet happened.