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President Trump promised to lower grocery bills. But economists and companies say that his administration’s policies are hiking grocery costs.
Grocery prices last month rose at their fastest pace in three years, stoked by Trump’s tariffs, a crackdown on immigration, and extreme weather hurting food production. Prices jumped 0.6% in August from the month prior, according to the latest reading from the Bureau of Labor Statistics, and they are up 2.7% from a year ago. Food prices are deeply personal to consumers, and weekly grocery bills shape their overall perceptions of the economy. More than half of Americans count grocery costs as a major stress in their lives.
The Federal Reserve on Wednesday lowered interest rates for the first time since December to support America’s faltering labor market. The Fed cut its benchmark lending rate by a quarter point to a new range of 4% to 4.25%. It’s the first rate cut of President Donald Trump’s second term, following a nine-month pause prompted by the uncertainty surrounding the administration’s major policy shifts.
CNN’s Danny Freeman speaks with personal finance columnist Terry Savage. #CNN #News
