President Trump consistently said that, as traffic in the Strait of Hormuz normalizes, oil prices โ and thus overall inflation โ would plummet like a rock.
The expectation-smashing June CPI report proves President Trump was right: driven by lower energy prices, inflation clocked its biggest drop since April 2020.
The Presidentโs broader economic agenda, moreover, continues to pay off with lower prescription drug, health care, car, and insurance costs along with higher real wages for everyday Americans.
"Expecting a headline number to be negative...this is 4X more negative!"
CPI fell by 0.4% in June, the largest decline since April 2020โand below the forecast of every single Bloomberg economist.
Core inflation also came in better than expected, falling to 2.6% year-over-year.
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The FIRST-EVER pit stop at the White House. ๐บ๐ธ๐
Next stop: Freedom 250 Grand Prix in Washington, D.C.