President Donald Trump said in a presidential address Wednesday night that his administration is pulling the economy back from what he called the brink of ruin. He claimed prices are now falling quickly across the economy.
“I am bringing those high prices down and bringing them down very fast,” Trump said from the White House Diplomatic Room. “Let’s look at the facts.”
Trump compared current prices to those under former President Joe Biden. He pointed to gas, groceries, airfare, and hotels as proof that his policies are working.
However, recent data from the Bureau of Labor Statistics suggests that several of these claims are overstated or incomplete.
The BLS is scheduled to release updated inflation data on Thursday. This will be the first full inflation report since the end of the government shutdown.
Update: The BLS has now released the data. This article will be updated shortly with the latest figures.
What Trump Said About Prices
Trump claimed that during the Biden administration:
- Gas prices rose between 30% and 50%
- Hotel prices increased 37%
- Airfares went up 31%
He said prices are now falling rapidly under his leadership.
He also claimed grocery prices surged because of Democrats and said his administration is fixing the problem.
Trump stated that egg prices have fallen 82% since March and said “everything else is falling rapidly” as well.
ABC News reviewed the data behind several of these claims.
Gas Prices
Gas prices did reach a record high in June 2022 under Biden. The average price hit $5.016 per gallon, according to AAA.
The current national average is $2.998. That is nearly a 50% drop from the peak.
However, according to the latest Bureau of Labor Statistics data, gasoline prices are up 0.9% over the past year, meaning prices are not falling quickly year over year.
Airfare Prices
Airline fares are not falling.
According to the Bureau of Labor Statistics, airfare prices were up 3.2% compared to the same time last year. The latest CPI release does not show a broad decline in airline ticket prices.
Hotel and Rental Car Prices
Hotel room rates have shown small changes, but the latest CPI report shows no evidence of a sharp, broad decline in hotel prices year over year.
Rental car prices also do not show major year-over-year drops in the latest BLS data.
Grocery Prices and Eggs
The latest BLS inflation report shows that food prices are still rising overall.
- Food prices increased 2.6% over the past year
- Grocery prices rose about 1.9% year over year
- The meat, poultry, fish, and eggs category rose 4.7% over the past year
Egg prices did fall from their March peak, but not by 82%.
Earlier data showed the average price of a dozen grade A eggs fell from a high of $6.23 to around $3.49, which is about a 43% drop, not what Trump claimed.
Egg prices were heavily affected by avian flu outbreaks that reduced supply earlier in the year.
Meanwhile, meat prices remain elevated:
- Overall meat prices are still up year over year
- Beef prices remain near record highs
Coffee Prices Left Out
Trump did not mention coffee prices.
While the CPI summary does not break out coffee separately, food and beverage prices continue to rise overall, and coffee prices have been among the items that remain elevated in recent inflation reports.
Earlier increases were partly driven by tariffs on coffee-producing countries like Brazil, though some exemptions were later introduced.
Updated Inflation Context
According to the latest Bureau of Labor Statistics Consumer Price Index report:
- Overall inflation rose 2.7% over the past 12 months
- Core inflation rose 2.6% year over year
- Energy prices increased 4.2%
- Gasoline prices increased 0.9% year over year
The BLS also noted that data collection was disrupted by the government shutdown, meaning some categories rely on partial or adjusted estimates.
Bottom Line
Some prices have fallen from earlier peaks, especially gasoline compared to its 2022 high and eggs after supply shortages eased.
But the latest government data shows that many everyday costs are still rising or only slightly lower than a year ago.
Trump’s claims that prices are “falling fast” across the board are not supported by the most recent federal data.
