Today’s Consumer Price Index (CPI) report shows prices rose 0.6% in September and are up 3.7% over the past year, the fastest pace since May. Gasoline prices jumped 9.1% in September alone, accounting for over half of the monthly increase in overall prices, and are up 34% from a year ago. Core CPI, excluding food and energy, rose 0.33% in September, the largest monthly increase since April.
Americans are increasingly frustrated with Trump’s failure to bring down high prices. Consumers’ views of current economic conditions are at an all-time low, and 82% of Americans disapprove of Trump’s handling of the cost of living. Instead of working to rein in inflation, Trump is trying to pull a fast one on voters, spewing empty promises to bring prices down and send Americans a $5,000 “Trump dividend” if Republicans hold Congress, despite having never delivered on the DOGE and tariff checks he promised last year.
Today’s inflation report is the last before the Federal Reserve’s October 28 interest rate decision. The Fed raised interest rates last month for the first time in three years because of inflation concerns, and most officials anticipate another increase by the end of the year. In its latest meeting minutes, the Fed pointed to Trump’s tariffs and higher energy costs, as well as the president’s never-ending war with Iran, as drivers of persistent inflation. Trump’s war and tariffs are raising the prices of nearly everything families buy, and now his actions are raising borrowing costs for families, too.
Groundwork’s Senior Vice President of Policy, Advocacy, and Research Alex Jacquez, released the following statement:
“It’s no wonder Americans have lost faith in Trump’s economy. The president has repeatedly made promises he can’t keep, and despite the band-aid attempts from the White House, there is a gaping hole in our economy just weeks from the midterms. Between the president’s war in Iran and reckless tariffs, his economy is on life support.”
This content originally appeared on Common Dreams and was authored by Newswire Editor.