Trump promised to lower prices for Americans. Here’s what the data shows.

Updated on: October 9, 2026 / 12:34 PM EDT / CBS News

President Trump campaigned in 2024 on promises to lower Americans' cost of living, vowing to push gasoline prices below $2 a gallon and to deliver 2% mortgage rates. Two years later, consumers face sharply higher costs for many of the necessities he pledged to make more affordable.

Less than a month before the midterm elections, the gap between Mr. Trump's promises and the financial realities facing many Americans is fueling voter frustration over the economy. Although economic growth is solid and unemployment remains low, nine in 10 Americans say prices are the most important factor shaping their views of the economy, according to a recent CBS News poll.

The financial pressures affecting Americans predate Mr. Trump's return to the White House last year. Consumers are reeling from the cumulative impact of five years of post-pandemic inflation, economists note. But his campaign promises raised hopes that he would lower consumer prices.

At the same time, some of Mr. Trump's policies have exacerbated inflation. His tariff regime contributed about 2.9 percentage points to inflation through February, according to new research from the Federal Reserve Bank of New York. Without the…

Original source: https://www.cbsnews.com/entertainment/