Station-essence Shell in Houston, Texas on April 29, 2026 (AFP/RONALDO SCHEMIDT)
Inflation continues to surge in the United States: it hasn’t been this high in nearly three years, according to data released on Tuesday that Donald Trump dismissed.
In April, the Consumer Price Index (CPI) increased by 3.8% year-on-year, the highest rate since May 2023.
Inflation was at 3.3% a month earlier, after 2.4% in February.
While gas prices soar and grocery shopping becomes more expensive, the U.S. president assured on Tuesday during a press exchange that this high inflation is only “short-term” and will slow down significantly when the war with Iran is over.
– “Not at all” –
Do households’ difficulties encourage them to reach an agreement to end the war against Iran, a major cause of price surges?
“Not at all,” replied the Republican billionaire to the journalist who asked this question. “The only thing that matters when I talk about Iran is that they cannot have nuclear weapons. I don’t think about Americans’ financial situation.”
As the U.S. gears up for crucial midterm elections this fall, these statements were immediately denounced on social media by opponents of the Republican leader.
In a CNN poll released this week, 65% of respondents are unhappy with the decisions of the American president in general, and 70% with his economic policies specifically, despite being elected largely on a promise to address the cost of living.
In the data released on Tuesday, gasoline prices weigh heavily with a 28.4% year-on-year increase. But price hikes are widespread in the rest of the economy, from rents to airline tickets.
Following a pause in March, food prices rebounded in April (+2.9% year-on-year, +0.7% month-on-month).
This increase “seems tied to energy,” with producers passing on the surcharges they face, estimated Samuel Tombs, an analyst at Pantheon Macroeconomics, in a note.
Beef is among the products causing concern for consumers. In April, you had to pay 16.1% more than a year ago for a beef steak. The increase was 14.5% for ground beef.
Signs of relief are rare, for example, among dealerships (-2.7% year-on-year for used vehicles).
– Opposition blames Trump –
“For the first time in three years, inflation is outpacing wage increases. It’s a blow to middle and lower-class households,” noted Heather Long, an economist at Navy Federal Credit Union.
Barquettes de viande rouge dan sun supermarché du quartier de Manhattan à New York City on April 9, 2026 (AFP/CHARLY TRIBALLEAU)
President “Donald Trump promised to lower prices ‘from day one’ (of his term in January 2025). Instead, he keeps raising them,” said Democratic senator Elizabeth Warren.
She sees the current inflation as a direct consequence of the president’s personal decisions, hitting imports with multiple tariffs and going to war with Iran on February 28, aligned with Israel.
In gas stations, the impact of the Middle East war has continued to be felt in May.
A gallon (almost 3.8 liters) of regular gasoline currently costs an average of $4.50, up from about $3 just before the conflict started, according to the American Automobile Association (AAA) data.
At $5.64 per gallon, diesel, used in trucks and tractors, is nearing the record set in June 2022 ($5.82), a few months after Russia’s invasion of Ukraine.
The issue, highlighted by KPMG economist Diane Swonk, is that “the increase in pump prices adds to other energy surcharges predating the Iran war.” She specifically referenced the unpopular electricity hike (+6.1%), attributed to high demand from data centers, “a major issue in the November elections.”
