In the last week, President Trump has made a number of inaccurate claims that the prices of everyday items like gas and groceries have fallen since he took office — even as Americans are starting to face surcharges for some items as a result of his tariff hikes.
While Mr. Trump touts his economic record in interviews with the press, he has claimed without evidence that consumers are seeing record low prices at their gas pumps and exaggerated the decline in crude oil prices since he took office. The president has also falsely stated that he has overseen a drop in grocery prices.
Here’s a breakdown of some of these claims:
Trump’s false claim that gas hit $1.98 a gallon in some places
Trump said April 22: “I see that we had a couple of states where gasoline was at $1.98 a gallon. Nobody thought they’d see that for years maybe.”
Mr. Trump repeatedly claimed that gas prices dropped to a low of $1.98 in a few states in April, hitting lows not seen since his first term. However, that is not true; on average, gas prices are around the same as when the president took office in January.
Data from the Energy Information Administration shows a national average of about $3.14 per gallon of regular gas as of the third week in April — which is slightly higher than the $3.11 the week Mr. Trump was inaugurated.
GasBuddy, a company that tracks prices at more than 150,000 gas stations across the country, told CBS News it had not found evidence of a gas station selling gas for $1.98 per gallon in April.
Patrick De Haan, who leads petroleum analysis with the company, said the lowest price they could find in April was $2.19 at a gas station in Texas.
Mr. Trump’s claim that gas prices are at their lowest level since his first term is also not true; gas prices were lower than they are now for the first six months of Biden’s presidency.
The White House did not respond to a request for more information on the president’s claim.
Trump’s partially true claim that crude oil prices have dropped significantly since he took office
Trump said on April 24: “Energy is down and we’re about $64 a barrel. When I came in– and we were looking at $89, $90, $95.”
The president also claimed crude oil prices dropped to about $64 a barrel, from around $89 when he took office.
A White House spokesman said the president was referring to the price per barrel of Brent crude oil, the global benchmark. According to data from FactSet, Mr. Trump accurately described the current price of Brent crude, which was about $64 a barrel on April 28, but he also exaggerated the price at the time he assumed office, which was about $80. The White House did not explain the discrepancy.
According to a recent Energy Information Administration report, Mr. Trump’s tariff hikes in early April contributed to declines in oil prices as traders weighed the potential impact on global demand. An early April announcement that OPEC members would increase oil production ahead of schedule also added to the downward pressure on prices.
Trump’s misleading claim that the price of groceries came down since he took office
Trump said April 24: “Groceries are down.”
Trump said April 17: “Food is down. Groceries, as we call it, are down.”
Mr. Trump has repeatedly claimed that grocery prices have declined since he took office. However, Consumer Price Index data shows average cost of groceries in March increased by 0.49% from the previous month and by 2.4% compared to the previous year.
Prices vary across products, and the White House said the president was referring to declines in the consumer prices of certain grocery store items like fresh vegetables. The USDA‘s Food Price Outlook shows that fresh vegetable prices decreased 1.1% in March, after falling by 1.7% in February. However, the same report also shows the prices of beef, poultry, eggs, and nonalcoholic beverages all ticked up in March.
These increases occurred before the president imposed a baseline 10% tariff on goods from most countries in early April as well as tariffs as high as 145% on imports from China. Economists expect the prices of some grocery store items, including coffee and chocolate, will rise as a result, which could be reflected when data for April is released in the coming weeks.
Trump’s false claim that egg prices have gone down 87%
Trump said on April 24: “So we just had a big Easter egg hunt at the White House, thousands and thousands of eggs, and the price was down 87% so we did a great job.”
Mr. Trump has repeatedly claimed that egg prices are down significantly, without clarifying whether he is referring to wholesale or consumer prices. The president has a point that wholesale prices have declined since he took office, but he overstates the size of the decline. And recent data suggests consumer prices remain elevated.
Wholesale egg prices — what large buyers such as Costco or Walmart pay producers — have dropped sharply since mid-March as egg losses due to bird flu decreased last month. U.S. Department of Agriculture data shows wholesale egg prices were roughly 52% lower on April 25 than they were at the start of Mr. Trump’s second term. The White House did not explain the discrepancy in the president’s figures.
Meanwhile, retail prices for consumers remain at record highs. Bureau of Labor Statistics data released on April 10 shows average retail egg prices hit $6.23 per dozen in March, surpassing the previous record $5.90 set in February.
A March 28 report from the Department of Agriculture said it can take “up to three weeks” for consumers to benefit from the wholesale price decline. If retail prices show consistent decline, this should be reflected in the national average from BLS for April, said Jeremy Horpedahl, an associate professor of economics at the University of Central Arkansas. That data should become available on May 13.
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