Despite Donald Trump’s promises to lower costs on ‘Day One’ and ‘defeat inflation,’ new inflation data released today shows that in September, producer inflation blew past expectations — rising 6.3% compared to last year — well above expectations and the sharpest month-over-month increase in more than four years. The increase was the second-largest increase since at least 2010.
Additional data released yesterday revealed that inflation reached 3.7% in September — above expectations and the highest rate since May — as high prices have nearly wiped out all wage gains since January 2025. Yet just yesterday, Trump said, “People say tariffs cause inflation. They haven’t. Again, we have very little inflation,” and “Income for hardworking Americans has soared to the highest level ever recorded.”
It’s no wonder consumer sentiment in October dropped to the second-lowest reading on record since the 1950s, as 70% of Americans say they will either cut back (54%) or stop (16%) spending on certain items because of Trump and JD Vance’s reckless tariffs and deadly and costly war with Iran.
In response, DNC Deputy Communications Director Kendall Witmer released the following statement:
“Donald Trump and JD Vance are making life miserable for working families as their disastrous agenda is skyrocketing costs on everything, erasing all wage gains for working families. Despite Trump’s promises to lower costs on ‘Day One’ and ‘defeat inflation,’ Trump’s war of choice with Iran and reckless tariffs have raised costs on everything from gas to groceries. But instead of doing anything to lower costs for everyday Americans, Trump and Vance are doubling down on their unpopular agenda while begging voters to ‘give us another chance.’”
Under Trump and Vance, the average American family has had to pay an additional $4,200 on everyday essentials from gas to groceries because of their tariffs and war with Iran. Americans have been forced to spend an additional $107 billion on gas and diesel alone since Trump and Vance started their war with Iran, and gas prices have now been above $4 per gallon for more days than any other year on record. Gas prices next year are projected to be 21 cents higher than forecasts from a month ago, and diesel is projected to not drop below $4 a gallon until at least 2028.
