On Tuesday, the White House celebrated new economic data indicating a continual drop in inflation and an increase in American workers' purchasing power, marking a year since President Donald Trump took office.
White House spokesperson Karoline Leavitt stated in an official release, "Another report confirms President Trump has overcome the inflation crisis inherited from the Biden administration," highlighting that tax cuts, strategic tariffs, and deregulation policies have fostered economic stability.
According to the released figures, overall inflation now stands at 2.4%, a decrease from the 3% average inherited, while core inflation is also at 2.4%, compared to the previous administration's 3.3% rate.
The White House cited Bloomberg's assessment of the data as "a compelling signal that prices are on a downward trajectory."
Trump's trade and fiscal policies, including tariffs to protect domestic production, tax cuts for working families, and an extensive deregulation agenda, are credited by the White House for these outcomes.
The report indicates that real wages in the private sector are expected to rise by about 4% this year, translating to an average increase of $1,100 per worker.
The industrial sectors are showing even greater performance: with increases of $1,300 in manufacturing, $1,400 in construction, and $2,200 in mining and extraction.
"The American people are already witnessing the results," declared the White House. "Wages are rising rapidly, trillions in investments are flowing into the country, and economic growth is accelerating."
Bloomberg also reported that car prices continue to decline, despite forecasts of increases due to trade tariffs.
"That surge simply didn't happen," commented analyst Chris Anstey.
The latest indicators solidify the White House's narrative of economic recovery under Trump, who has focused his first year in office on controlling prices, strengthening domestic production, and improving workers' incomes.
Key Questions on U.S. Economic Growth Under Trump
How has the inflation rate changed under Trump's administration?
The inflation rate has decreased to 2.4%, down from the 3% average inherited from the previous administration.
What impact have Trump's policies had on American workers' wages?
Real wages in the private sector are expected to rise by about 4% this year, which means an average increase of $1,100 per worker.