“The latest Consumer Price Index (CPI) report has shown that inflation has once again outperformed market expectations, remaining steady and highlighting President Trump’s dedication to reducing expenses for American households and businesses. Detractors, dubbed the Panicans, are consistently proven incorrect by the data—President Trump’s tariffs are generating billions, small business optimism is at a five-month high, and real wages are on the rise. The American populace has justifiably placed their faith in President Trump’s America First initiative, which is effectively Making America Wealthy Again.”
— White House Press Secretary Karoline Leavitt
Key Highlights:
- Inflation has been relatively tame since President Trump assumed office, currently tracking at a modest 1.9%.
- Real average weekly earnings saw an uptick in July.
- Compared to last year, Americans’ real wages have risen by 1.3% and have shown monthly increases since President Trump took office.
- Wage growth is outpacing inflation, accompanied by an increase in work hours for many Americans.
- The prices of essential goods have declined, conveniently aligning with the back-to-school shopping season.
- Energy prices experienced a drop in July, with gasoline prices down nearly 10% compared to last year, and propane prices decreasing by 2.5%.
- Egg prices have also continued to fall, now down by 20% since President Trump took office.
- Education and communication commodities have decreased by 4.3%.
- Butter and margarine prices are down by 1.8%.
- Nonprescription drugs have also seen a decline of 1.8%.
- Inflation related to shelter—historically the largest contributor to overall inflation—is at its lowest level since October 2021.
- Small business optimism has surged to a five-month high.
- According to Bloomberg, “Sentiment among US small businesses climbed to a five-month high in July as owners grew more upbeat about the economic outlook, fueling a pickup in expansion plans.”
