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Trump Says Inflation Is 'Solved' as Data Show Prices Rising

August CPI rose 2.9% year over year with a jump in grocery costs.

Overview

  • On Fox & Friends on Friday, the president said he has "already solved inflation" and predicted gasoline would drop to $2 a gallon.
  • Labor Department figures show consumer prices in August increased 2.9% from a year earlier, up from 2.7% in July, with CNBC noting the highest reading since January.
  • AAA reports the national average for regular gas at $3.19 on Friday, with regional prices ranging from about $2.71 to $4.65.
  • Grocery prices rose 0.6% in August, the biggest month-over-month increase since August 2022, according to reporting on the latest CPI.
  • Axios reports steep year-over-year jumps in key grocery categories — coffee nearly 21%, uncooked beef steaks nearly 17%, apples nearly 10%, bananas almost 7% — and attributes part of the increases to Trump’s tariffs.