Remember Trump's promise to "end inflation on Day 1"? đ
It was just another Trump lie to bait gullible low information voters.
US consumer inflation increases steadily, but households paying more for food and rents
U.S. consumer prices increased in December, lifted by higher costs for rents and food as some of the distortions related to the government shutdown that had artificially lowered inflation in November unwound, cementing expectations the Federal Reserve would leave interest rates unchanged this month.
But rate cuts this year remain on âthe table, with the report from the Labor Department on Tuesday showing moderate underlying inflation pressures last month, which economists said suggested the import tariffs pass-through to prices was slowing. Economists were split on âwhether inflation had peaked.
Nonetheless, expensive food, with prices increasing by the most in more than three years, and rents underscored the affordability crisis facing President Donald Trump, partly blamed by economists on the White House's policies, including sweeping import tariffs.
Trump has made a flurry of proposals to lower the cost of living, including banning institutional investors from buying single-family homes, as well as instructing the Federal Housing Finance Agency - which oversees mortgage finance giants Fannie Mae and Freddie Mac - to purchase $200 billion of bonds issued by the two companies in a bid to bring down mortgage rates.
The rise in food prices in December was the biggest since October of 2022.
Food prices surged 0.7%, the largest gain since October 2022. There were notable increases âin the prices of fruits and vegetables as well as dairy products. Beef prices, which have angered many Americans, rose 1.0%, with steaks soaring 3.1%.
Trump is still blaming everything on Biden even though the latter has been out of office for a year. Of course Trump's botched handling of the onset of the COVID-19 pandemic in 2020 set off an economic series of events leading to a recession, supply chain issues, and inflation. Biden didn't make nonstop excuses about the enormous mess Trump left him.
Trump has actually contributed to the spiking cost of living with his asinine tariffs. Tariffs are taxes on imported goods; they are paid by importers and passed on to American consumers. Tariffs are NOT paid by the countries doing the exporting.
Those who voted for Trump for lower food prices got duped bigtime â just like people who signed up for Trump University or subscribed to Trump Vitamins (specializing in Vitamins B & S).