Trump’s Cost-of-Living Promises Face Scrutiny as Prices Remain High

President Donald Trump campaigned in 2024 on promises to reduce the cost of living, including lowering gasoline prices to below $2 a gallon and making housing more affordable.

Higher fuel and household expenses are testing President Donald Trump’s promises to make living costs more affordable ahead of the November 2026 midterm elections.

Nearly two years later, Americans continue to face elevated costs for many essential goods and services, according to CBS News.

With the November 3 midterm elections approaching, the gap between Trump’s campaign pledges and consumers’ financial experiences has become a political issue.

Although U.S. economic growth has remained relatively strong and unemployment comparatively low, many households continue to struggle with the cumulative effects of inflation.

A recent CBS News poll found that prices were the most important factor shaping Americans’ views of the economy.

Some administration policies have also contributed to inflationary pressures. Research from the Federal Reserve Bank of New York estimated that tariffs imposed by the Trump administration added approximately 2.9 percentage points to consumer goods inflation through February 2026.

The researchers found that tariffs increased prices for affected goods and prevented prices from falling as they otherwise might have.

The estimates concern consumer goods inflation rather than the entire inflation rate.

Energy costs have also come under pressure following the U.S. and Israeli military campaign against Iran in February. The ensuing conflict disrupted oil shipments and contributed to higher prices for crude oil, gasoline and diesel.

“It’s undeniable that several of these supply shocks that the U.S. economy has been navigating through come from policy decisions made by the administration — namely, decisions to intervene in Iran and decisions to impose tariffs,” Greg Daco, chief economist at EY-Parthenon, told CBS News.

Economists polled by FactSet expected the annual inflation rate to reach 3.6% in September, up from 3.4% in August.

That would put inflation above the Federal Reserve’s 2% long-term target.

The figures underscore the challenges facing the administration as it seeks to improve affordability.

However, the effects of tariffs, energy-market disruptions and other economic factors vary across categories, and no single policy explains every change in consumer prices.