President Donald Trump took to Truth Social Tuesday to claim that prices were down and the economy was doing great — but the comment came after the numbers were released proving otherwise.
"Consumer Prices LOW. Bring down the Fed Rate, NOW!!!" Trump demanded on Tuesday morning.
"Fed should cut Rates by 3 Points. Very Low Inflation. One Trillion Dollars a year would be saved!!!" he followed up.
However, new data released Tuesday showed the inflation rate for the past month, and things are not going well for the Trump economy. In fact, the June numbers show "inflation increased to its highest level since February," the Associated Press reported.
It comes down to "Trump’s sweeping tariffs," which "are pushing up the cost of a range of goods, including furniture, clothing, and large appliances," the report said.
Trump's Labor Department revealed that consumer prices increased 2.7% in June, compared to June 2024 during Joe Biden's term in the White House. Prices rose (0.3%)in May after a slight increase the previous month (0.1%).
Trump has been warring with Federal Reserve Chairman Jerome Powell, who has refused to reduce interest rates, fearful it will fan the flames of inflation. Trump has claimed on Truth Social that there is "no inflation" and Powell should drop the rates.
Trump's inflation number is even higher than Biden's this time last year, at 2.9%
Over the past several months, Trump has tried to blame Biden for any struggles with the economy, but six months into Trump's presidency, the high prices from Trump's tariffs sent prices up.
"The cost of gas rose 1% just from May to June, while grocery prices increased 0.35. Appliance prices jumped for the third straight month," reported the AP.
