U.S. President Donald Trump pledged on Sunday to keep pushing consumer prices lower, claiming oil, gas, eggs and prescription drugs are all “dropping FAST.” June’s inflation data largely supports the trend, with one notable exception in the egg aisle.
Key Takeaways
Trump said oil, gas, eggs and drug prices are falling, as June CPI fell 0.4%, the most since April 2020. Gas averaged $3.86 a gallon, down from a May peak above $4.50, after Trump demanded retailers target $2.50.Egg prices rose 4.3% in June even though they sit 27.9% below year-ago levels, complicating the White House narrative.Trump made the pledge in a post on Truth Social, writing:
Whether the White House can claim credit for June’s numbers is a separate question. Economists note the energy decline tracked global oil prices as Middle East tensions eased through early summer, while egg prices were normalizing from avian-flu-driven records long before the latest push.
Looking ahead, it will be interesting to look at July’s CPI print as it stands to show whether June’s drop was the start of a durable disinflation trend or a one-month reprieve.
