“Every month since President Trump took office, core inflation — the best measure of inflation — has beat or matched expectations. The data proves that President Trump is stabilizing inflation and the Panicans continue to be wrong about tariffs raising prices.” — White House Press Secretary Karoline Leavitt
Under President Donald J. Trump, America continues to beat back inflation after years of Biden-induced price hikes.
Here’s what you need to know from the latest Consumer Price Index:
- June data confirms inflation is right on track. The annualized rate of inflation is below the year-earlier pace, showing that prices are right on track.
- Core inflation beat expectations for another month. Since President Trump took office, core inflation has tracked at just 2.1% — levels not seen since the first Trump Administration, when prices were low and stable — and has come in below or at economists’ expectations every single month.
- Wage growth remains strong under President Trump. Real wages for production and nonsupervisory workers are up 1.3% over last year.
- Prices for everyday Americans continue to fall. Prices for new and used vehicles and airfares fell last month, while annualized shelter inflation dropped to its lowest in nearly four years — with prices for gas, fuel oil, energy commodities, hotels, airfare, public transportation, and fresh vegetables all down over last year.
Here’s what they’re saying:
- CNBC’s Rick Santelli: “Inflation is going to ebb and flow. If we want to really isolate it in terms of what this Administration is doing or Liberation Day, I would benchmark it to the beginning of the year. January and February reads being warmer gives you a lot of information that some of the policies have not been detrimental in boosting inflation.”
- CNBC’s Rick Santelli: “The death of the labor market has been greatly exaggerated based on recent data, and I think that all in all, the inflation numbers — they’re pretty respectable here.”
- Fox Business Network’s Maria Bartiromo: “You’ve got to look at this report as another victory for President Trump, who has focused on reigning in inflation — and that’s what we’re seeing from this report again.”