Trump promised to lower prices for Americans. Here's what the data shows.
Just weeks before the midterm elections, 90% of Americans say prices in the U.S. are the main factor shaping their view of the economy. These charts show why.
Key points
- Trump promised lower prices but many costs have risen since he took office.
- Gas prices hit $4.37 a gallon, up 47% since the Iran war began.
- White House says Trump's policies delivered tax cuts and jobs.
President Trump campaigned in 2024 on promises to lower Americans' cost of living, vowing to push gasoline below $2 a gallon and deliver 2% mortgage rates. Two years later, many of those costs have risen, and the gap between his promises and financial reality is fueling voter frustration less than a month before the midterm elections.
Nine in 10 Americans say prices are the most important factor shaping their views of the economy, according to a recent CBS News poll. Economists note that consumers are still reeling from five years of post-pandemic inflation, but Trump's tariff regime and the war with Iran have added to price pressures.
What the data shows
Groceries: Food prepared at home has climbed 4% since November 2024, on top of a 23% jump in the prior four years. Gasoline: The national average hit $4.37 a gallon as of Oct. 9, up 47% from $2.98 on Feb. 27, the day before the U.S. and Israel attacked Iran. Diesel reached a record $6.53 per gallon on Sept. 22.
Energy: Average monthly residential electricity costs rose 12.5% between December 2024 and July 2025, while natural gas prices jumped 106%. Car insurance: Premiums are down 5.5% since a February high. Housing: The average 30-year mortgage rate is 7.28%, up from 7.04% when Trump took office. Credit cards: The average rate is 20.94%, down from 21.58%. Airfare: Fares remain 17% higher than in January 2025. ACA health insurance: Average monthly premiums rose 58% to $178. Prescription drugs: Prices fell 3.9% after peaking in February 2025.
It's undeniable that several of these supply shocks that the U.S. economy has been navigating through come from policy decisions made by the administration — namely, decisions to intervene in Iran and decisions to impose tariffs.
— Greg Daco, chief economist at EY-Parthenon
What officials said
White House spokeswoman Taylor Rogers told CBS News that Trump's agenda "stopped Biden's inflation crisis" while creating jobs and economic growth. She said the administration's policies "will continue to deliver economic wins over the next two years."
Greg Daco, chief economist at EY-Parthenon, told CBS News that supply shocks have come from policy decisions, including intervening in Iran and imposing tariffs. Ryan Bourne of the Cato Institute said consumers "judge the prices they're paying against the prices they paid four or five years ago, and are still shocked by it."
