So much for that bogus campaign promise of bringing down prices and ending inflation.
Normally, we do not hold presidents responsible for rising prices, including gas, but we’re not in normal times. Trump’s stupid, costly, deadly, and self-created war with Iran has caused the yearly inflation rate to jump to 4.2% in May from a year ago, up 0.5% from April and to its highest level since early 2023. The jump in inflation now surpasses wage growth, which was tracking at 3.4% in the most recent jobs report.
“The index for energy rose 3.9 percent in May, after rising 3.8 percent in April and 10.9 percent in March,” BLS said. “The energy index accounted for over sixty percent” of the overall number’s rise, it added.
Core inflation, which excludes food and energy, rose 2.9%, as expected. From the month before, it rose just 0.2%.
The disparity between the core inflation figure and the overall 4.2% rate was due largely to the impact of energy costs. According to BLS, energy accounted for more than 60% of the total increase in prices over the month.
Promises Made, Promises Broken:
A record 63% of Americans disapprove of how Donald Trump is handling the economy
57% of Americans say the economy is getting worse, fewer than in recent weeks but still above the norm from the last four years. Only 14% say the economy is getting better.
