Trump: We have no inflation. Prices are down on just about everything

The available evidence does not support either part of the statement. Federal Reserve officials continued to discuss inflation as an ongoing economic concern in 2025 and 2026, including higher energy prices and uncertainty about the inflation outlook. Chair Jerome Powell described the economic situation as involving tension between employment and price-stability goals, not an absence of inflation.federalreserve.govfederalreserve.govSpeech by Vice Chair Jefferson on the economic outlook and energy effectsfederalreserve.govfederalreserve.govSpeech by Governor Miran on the inflation outlook+1 more

Consumer prices can fall for individual products while the overall price level continues to increase. Reporting by CBS News found that Americans were paying more for everyday necessities than a year earlier and substantially more than before the pandemic. PolitiFact’s reviews likewise found that prices for some items, including certain cars and groceries, had declined, but that most prices continued to rise.cbsnews.comcbsnews.comTrump says U.S. prices are "coming down tremendously." Here's what the data...politifact.compolitifact.comInflation after one year under Trump: Prices continue to rise, but some key...

More recent fact checks reached the same conclusion. PolitiFact reported in August 2026 that prices were mostly increasing, and CNN reported on September 3 that President Trump had repeatedly claimed that prices were falling rapidly even though the broader data did not show that. A Yahoo Finance report noted that inflation had eased slightly in July, which indicates slower price growth, not falling prices across the economy.cnn.comcnn.comTrump falsely claims prices are falling rapidly. Some Republican ads acknowledge...politifact.compolitifact.comTrump said prices are “all coming down now.” They aren’t+2 more

PBS News and CBS News previously examined similar statements by Trump and distinguished between a reduction in the inflation rate and an actual decline in prices. The evidence supports the narrower point that inflation may have moderated and that some categories became cheaper. It does not support the sweeping assertion that inflation had disappeared or that prices were down on just about everything.pbs.orgpbs.orgFact-checking Trump's speech on inflation, wages and a military dividendcbsnews.comcbsnews.comTrump says U.S. prices are "coming down tremendously." Here's what the data...