Inflation Is Soaring Again—and It’s All Trump’s Fault

The most recent producer price index numbers directly contradict two of Trump’s favorite narratives: that his tariffs won’t lead to significant price increases and that other countries will foot the bill if they do. 

If that was true, the PPI numbers, which track inflation on the producer side, would be dropping. But Trump was lying. The U.S. economy just experienced its largest PPI rise in three years, with a 0.9 percent increase in July. Inflation is rising, and it’s Trump’s fault. 

“So much for foreigners paying tariffs. If they did, PPI would be falling,” RSM chief economist Joseph Brusuelas wrote Thursday on X. “Wholesale prices up 3.3% from a year ago & 3.7% in the core. The temperature is definitely rising in the core. This implies a hot PCE reading lies ahead.”

Prices on fresh and dry vegetables have also risen 38.9 percent, according to the Bureau of Labor and Statistics. Prices on meats, diesel fuel, jet fuel, and eggs are also up. 

Last time Trump got a bad economic report, he fired the BLS commissioner. How will he hide the negative impacts this time? What will the spin be?

“The projected number was 0.2%,” wrote Aaron Fritschner, deputy chief of staff for Virginia Representative Don Beyer, referring to the 0.9 percent rise. “This isn’t just a huge inflationary increase, it’s an order of magnitude larger than what was expected. And no question at all that it’s being driven by Trump’s tariffs.”

Companies won’t be volunteering to eat this price increase as Trump has wrongly suggested in the past, and other countries certainly won’t either. American consumers should expect the president to lie his way through this obvious economic failure.