The US president mistakenly said that gasoline and egg prices fell while home sales were good.
US President Donald Trump said prices for housing, gasoline and groceries are falling. However, current data does not fully support any of these claims.
In the oval office on Thursday, the president said there are very good numbers in the home when asked about home sales and when asked if it was an economic indicator associated with him.
However, a reporter who asked the question suggested by the National Association of Realtors (NAR) reports that existing home sales were moving at the slowest pace since 2009, falling 5.9% in March of the previous year.
“The mobility of housing, which is currently historic low, shows the troublesome possibility of low economic mobility in society,” Lawrence Yun, chief economist at NAR, said in an official statement.
Trump said energy prices have fallen to $1.98 in some states. He didn’t specify the type of energy, but his comments closely reflected what he made last week. At the time, he specifically cited gas prices.
Mississippi’s lowest recorded average was $2.70 per gallon ($0.71 per liter) last week, according to the AAA, which monitors gas prices nationwide. This week, Mississippi once again reported the lowest average gasoline price, this time at $2.68 ($0.70 per liter). Data from Gasbuddy tracking prices at individual gas stations found that the lowest price for individual stations was $2.33 per gallon (0.62 per liter).
Currently, the national average gasoline price is $3.17 per gallon ($0.84 per liter). This reflects a five-cent increase from last month, but down from $3.60 ($0.95 per liter) at this point last year. The president correctly pointed out that gas prices were heading downward, although not to the extent he proposed.
According to the latest report from the Ministry of Labor, overall energy prices have fallen by 2.4% in the past month, mainly due to a decline in gasoline prices. This reduction helped offset the increase in natural gas and electricity costs. Oil prices have also generally fallen since Trump took office, mainly against the backdrop of economic uncertainty caused by Trump’s tariff threat.
In his comments, Trump also said that grocery prices are falling. Recent data does not support this claim. According to the Ministry of Labor, food prices have risen 0.4% from last month, up 2.4% compared to a year ago. Price increases were observed in four of the six major grocery categories.
The eggs the president said had lowered prices actually rose 5.9% last month. Egg prices have risen by more than 60% year-on-year. The beef index rose 1.2%, while dairy prices rose 4%. However, prices for fruits and vegetables fell slightly, falling 0.5%.