Full Breakdown
Trump Says Prices Falling, Data Shows Inflation Still Elevated
8/6/2026, 8:17:12 PM
Event Overview
He added, “We’ve been bringing down prices. And as soon as this situation ends with Iran, oil is going to go down to the floor.” “We've been bringing down prices. And as soon as this situation ends with Iran, oil is going to go down to the floor,” — Donald Trump, president
Official Statements & Responses
Desai also linked lower oil and gas prices to the administration’s policies, saying they help curb overall inflation. The White House noted that household essentials such as dairy products, potatoes and eggs have dropped in price since Trump took office, citing a decline in egg prices after a 2025 avian-flu spike.
Data & Statistics
The Bureau of Labor Statistics reported that consumer prices fell 0.4 percent month-over-month in June, yet remained 3.5 percent higher than a year earlier. The annual headline rate slowed from 4.2 percent in May—the fastest pace in three years. Energy costs continue to drive expense growth: gasoline and airline fares are up 27 percent, while electricity and piped gas have risen 4 percent and 3 percent respectively. Food prices are also higher, with overall food up 3 percent year-over-year and the “food at home” category up 2.7 percent. Specific items show larger gains—fish and seafood (+6.3 percent), beef (+12 percent), fresh vegetables (+9.9 percent) and coffee (+13 percent). The U.S. Department of Agriculture projects food prices will increase 3.4 percent in 2026, with grocery costs climbing about 3 percent.
Public Opinion
A YouGov/Economist poll fielded July 31 to August 3 among 1,609 U.S. adults found that only 30 percent approved of Trump’s handling of the economy, while 65 percent disapproved, yielding a net rating of –35. This marks a decline from a net –21 rating in an early-January survey and mirrors recent results from Fox News, CNN/SSRS and AP-NORC polls.
What’s Next
Analysts note that, despite the recent monthly dip, forecasts anticipate consumer prices will continue to rise over the coming months and years, keeping inflation a central focus of the 2026 policy agenda.
