Trump Claims Inflation Victory Despite Prices Remaining High

Reuters review finds Trump repeatedly declaring inflation beaten while voters feel the strain of higher costs

Published on Feb. 7, 2026

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A Reuters review of Donald Trump's recent economic speeches shows the former president asserting that inflation has been beaten and prices are falling, despite data and voters' experiences indicating otherwise. Trump has spent nearly 20 times claiming victory over inflation and 30 times saying prices are dropping, even as the cost of groceries, gas, and other essentials remain high. Republican strategists warn that Trump's mixed messaging on the top issue for voters risks creating a credibility gap for him and the GOP ahead of the midterm elections.

Why it matters

Inflation and the cost of living are major concerns for voters, and Trump's claims of victory on these issues could undermine the Republican Party's messaging and credibility if they do not align with people's lived experiences. This could have significant political implications as the midterm elections approach and control of Congress hangs in the balance.

The details

In five speeches since December, Trump has asserted that inflation has been beaten or is way down almost 20 times, and said prices are falling almost 30 times. However, inflation remains near 3% over the past year, and the prices of many everyday items like ground beef and coffee have risen significantly since Trump took office. Trump has also spent nearly half his speaking time on grievances and other issues unrelated to prices, with a particular focus on illegal immigration, which he has blamed for economic woes.

  • Trump was elected in 2024 due to voter unhappiness with Biden's handling of inflation, which spiked to over 9% in 2022.
  • Trump's tax cuts that kicked in last month are expected to provide greater savings for tens of millions of families.
  • Trump is likely to use his State of the Union address on February 24 as the kickoff for more intense domestic travel to amplify his message on affordability.

The players

Donald Trump

The former president who has cast himself as the Republican Party's chief messenger on the cost of living in an election year.

Joe Biden

Trump's Democratic predecessor, whom he blames for the economic mess he says he was left with.

Ilhan Omar

A progressive, high-profile Democratic and Muslim congresswoman from Minnesota who has been a frequent Trump critic, especially over his immigration policies.

Jared Bernstein

The head of Biden's Council of Economic Advisers, who acknowledged that the Biden administration 'talked past people on inflation' in 2024.

Rob Godfrey

A Republican strategist who warned that Trump 'can't continue to make claims that are demonstrably false, particularly at the expense of Republicans who are in competitive House districts or Senate races.'

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What they’re saying

“He needs to bring the message out because the message is not resonating.”

— Source close to the White House (Reuters)

“Every time the president of the United States has chosen to use hateful rhetoric to talk about me and the community that I represent, my death threats skyrocket.”

— Ilhan Omar, Congresswoman (Reuters)

“Voters are seeing this clear contrast, and the best is yet to come.”

— Mike Marinella, Spokesman, National Republican Congressional Committee (Reuters)

“What we typically did was to say, 'A new report just came out on jobs, it's very strong,' and that was all true. But the fact is that there wasn't much we were able to do in terms of the price level.”

— Jared Bernstein, Head of Biden's Council of Economic Advisers (Reuters)

What’s next

Trump is likely to use his State of the Union address on February 24 as the kickoff for more intense domestic travel to amplify his message on affordability.

The takeaway

Trump's repeated claims of victory over inflation, despite persistent high prices, risk undermining the Republican Party's credibility on the top issue for voters. This could have significant political consequences as the midterm elections approach, with control of Congress at stake.