Federal data set to be released Friday is expected to show annual inflation hitting 3 percent for the first time since the Biden administration — a full percentage point higher than the Federal Reserve’s target.
Economists are projecting the consumer price index (CPI) report to show higher inflation in September largely due to climbing energy and food prices — two of the hardest areas for Americans to cut costs.
Despite Trump’s claims to the contrary, prices have risen steadily since the second half of the year, largely in line with when the president cemented his tariff agenda.
Annual inflation as measured by the CPI dropped from 3 percent in January to 2.4 percent in March, but spiked back up to 2.9 percent by August.
Businesses are also hiring far fewer workers than in recent years, pushing the unemployment rate higher and millions of Americans into deeper financial pain.
The combination has brought Trump’s ratings on the economy down to historic lows, according to a poll released Wednesday.
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