Though the left-wing propaganda apparatus continues to prophesy doom, Trump’s tariffs appear to be having a negligible impact on inflation, with year-over-year inflation rates hitting lows not seen since 2021. The stock market, which tanked following Trump’s Liberation Day announcement, has also recovered and is close to the highest it’s been since Trump was inaugurated.
The Consumer Price Index summary released Wednesday morning by the U.S. Bureau of Labor Statistics shows that inflation only increased 2.4 percent year-over-year in May. This is slightly higher than April’s 2.3 percent increase, but is still significantly lower than the five percent May year-over-year increase during Biden’s first year in office. May’s monthly increase of 0.1 percent is also down from April’s 0.2 percent increase. The core inflation rate, which is calculated without unstable food and energy costs, increased only 0.1 percent in May.
White House Policy Communications Director Jacki Kotkiewicz posted a list of “where prices are falling the most” under the Trump administration on Wednesday. This includes a 12.5 percent year-over-year decrease in gas, according to Kotkiewicz.
CNN, which has been fear-mongering about the economy since Trump’s election, was forced to admit Wednesday that inflation rose “less than expected last month” and that “tariff impacts weren’t prevalent” in the CPI report. Nonetheless, the outlet still insisted the CPI report “was lightly pockmarked with potential indications of price hikes.”
On Tuesday, NPR published an article titled “Wall Street CEOs are cycling through the five stages of tariff grief.” The article warned about “the potential loss of America’s superpower status” and claimed the “tariff tug-of-war is already hiking prices for both consumers and businesses.” However, NPR appeared to do an about-face on Wednesday, reporting that “President Trump’s tariffs have so far not had a big effect on the prices that American shoppers pay.”
ABC, BBC, and The Guardian each ran headlines that inflation was a little higher than last month, downplaying the fact that April’s rate was the lowest it’s been since 2021.
Despite that, Rep. Linda Sanchez, D – Calif., insisted Wednesday that “prices are rising” and suggested Trump’s Treasury Secretary Scott Bessent was a sexist when he pushed back on her claim.
The CPI report comes a day after the U.S. Court of Appeals ruled that Trump’s tariffs could remain in place while the case against them is reviewed.
Jacqueline Annis-Levings is a correspondent for the Federalist. She is a rising junior at Patrick Henry College, where she is majoring in English.
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