NEW DATA: Core Inflation Rises and GDP Falls As Working Families Pay More for Less Arrow

New report shows families will pay over $2,500 more in 2026 due to Trump's tariffs

New economic data released today reveals that Donald Trump's disastrous economic policies continue to drive up prices and squeeze working families' budgets. The data predates Trump's reckless war of choice with Iran, which is expected to drive prices even higher. Some experts warn that PCE inflation could hit 4% this spring because of Trump's war in Iran. Meanwhile, consumer sentiment in March fell to its lowest point this year, as Trump's war with Iran drives prices up. Consumers similarly reported declines in expectations for their personal finances.

Core PCE inflation increased 0.4% in January and 3.1% year-over-year. Meanwhile, fourth-quarter GDP was revised down, due to slow U.S. consumer spending, as everyday Americans continue to face high prices on goods, including groceries, utilities, and gas.

Another new report released today shows that working families will pay over $2,500 in additional costs this year due to Trump's tariffs - a 44% increase from the $1,700 families shelled out last year.

In response, DNC Rapid Response Director Kendall Witmer released the following statement:

"Donald Trump's disastrous economic agenda has crushed working families. Prices continue to rise and consumers are spending more for less - all while everyday Americans foot the bill for Trump's tariffs, and pay for his chaotic war of choice with Iran. As Wall Street grows richer by the day, Trump continues to leave Main Street and working families behind, selling them out to enrich himself and give massive tax cuts to the wealthy."

Consumer Price Index data released this week revealed that prices on several necessities, including electricity, medical care services, shelter, and groceries increased significantly since last year. To make matters worse, Trump's job market continues to worsen with the most recent BLS jobs report revealing that the U.S. lost 92,000 jobs in February and the unemployment rate ticked up to 4.4%.

It's no wonder only 35% of Americans approve of Trump's handling of the economy, and only a quarter of Americans believe that Trump and Republicans are focused on lowering the cost of living and inflation, even though most Americans say that is among their top concerns.