The US president incorrectly mentioned that costs of petrol and eggs had dropped whereas dwelling gross sales had been good.
US President Donald Trump mentioned that housing, petrol, and grocery costs are declining. Nevertheless, present information don’t absolutely help any of those claims.
Within the Oval Workplace on Thursday, the president, when requested about dwelling gross sales and if it was an financial indicator that issues him, mentioned there have been superb numbers on housing.
Nevertheless, in line with a report from the Nationwide Affiliation of Realtors (NAR), which the reporter who requested the query was alluding to, gross sales of existing homes are moving at their slowest pace since 2009, and had been down 5.9 p.c in March from a month earlier.
“Residential housing mobility, presently at historic lows, indicators the troublesome chance of much less financial mobility for society,” NAR Chief Economist Lawrence Yun mentioned in a public assertion.
Trump talked about that power costs have dropped to $1.98 in some states. Whereas he didn’t specify the kind of power, his feedback carefully mirrored remarks he made final week. At the moment, he cited petrol costs particularly.
Based on AAA, which screens nationwide petrol costs, the bottom recorded common was $2.70 per gallon ($0.71 per litre) final week in Mississippi. This week, Mississippi reported the bottom common petrol value once more, however this time at $2.68 ($0.70 per litre). Information from GasBuddy, which tracks costs at particular person petrol stations, discovered the bottom particular person station costs to be $2.33 per gallon (0.62 per litre) — nonetheless above the determine talked about by the president.
The nationwide common petrol value presently stands at $3.17 per gallon ($0.84 per litre). Whereas that displays a five-cent enhance from final month, it’s a lower from $3.60 ($0.95 per litre) presently final yr. The president accurately famous that petrol costs are trending downward, although to not the extent he advised.
Based on the newest report from the Division of Labor, general power costs declined by 2.4 p.c over the previous month, largely resulting from falling petrol costs. This decline helped offset will increase in pure fuel and electrical energy prices. Oil prices have also generally declined since Trump took workplace, predominantly on the again of financial uncertainties attributable to Trump’s tariff threats.
In his feedback, Trump additionally acknowledged that grocery costs are reducing. Current information doesn’t help this declare. Based on the Division of Labor, meals costs rose 0.4 p.c from final month and are up 2.4 p.c in contrast with a yr in the past. Worth will increase had been noticed in 4 out of six main grocery classes.
Eggs, which the president mentioned had dropped in value, truly noticed a 5.9 p.c enhance final month. Yr-over-year, egg prices are up more than 60 percent. The meat index rose by 1.2 p.c, and dairy costs elevated by 4 p.c. Nevertheless, costs for vegetables and fruit did decline barely, dropping by 0.5 p.c.
