Energy prices continue to decline thanks to President Trump’s deregulatory agenda
WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that inflation, as measured by the consumer price index (CPI) on all items, increased by 2.4% for the 12 months ending in May, a slight increase from 2.3% in April.
Energy prices fell an additional 3.5% in May after falling 3.8% in April. Gasoline fell by an additional 11.6% in May after falling 11.8 in April%.
Core inflation, which excludes volatile energy and food prices, was unchanged, increasing at a pace of 2.8% in May after the same in April and the identical March rate of 2.8%.
Real average weekly wages increased by 1.5%.
Inflation during President Trump’s 2nd term thus far is an annualized 1.4%, which is less than half the 3.1% annualized rate during former President Biden’s last 30 months and the 8.6% rate during Biden’s first 18 months.
Carrie Sheffield, senior policy analyst for the Center for Economic Opportunity at Independent Women, issued the following statement:
“Inflation is moderating and energy prices continue to fall sharply, despite the onslaught of leftist ideologues hammering President Trump’s continuing tariff negotiations
“This is in part due to the Trump Administration’s continued, historic deregulation efforts across all sectors (though especially in energy) that free up businesses to innovate and compete.
“The U.S. Department of Energy began the largest deregulatory effort in history, proposing the elimination or reduction of major regulations that are driving up costs and lowering the quality of life. Once finalized, these actions are estimated to save the American people an estimated $11 billion and cut more than 125,000 words from the Code of Federal Regulations.
“An overwhelming 75% of Americans support the Trump deregulatory, cost-cutting agenda. This agenda will continue to lower prices for Americans. Additionally, President Trump and Members of Congress are also working to pass renewed tax reforms that will improve wage growth and ensure families keep more of their hard-earned money. We look forward to seeing these efforts bear fruit and continue to ease inflation for American families in the months ahead.”
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