Trump touts inflation hitting 'five year low' with 'rapidly falling prices' at White House dinner
WASHINGTON, DC: At the National Governors Association Evening Dinner on Sunday, February 22, President Donald Trump addressed the nation’s economic outlook alongside First Lady Melania Trump.
In his remarks, Trump highlighted falling inflation, rising stock markets, and expanding employment as signs of economic strength ahead of the 2026 midterm elections. Trump has repeatedly emphasized that lowering the cost of living and cracking down on crime remain central to his agenda.
Donald Trump on inflation, markets, and economic growth
During his address, Trump declared that “Core inflation is the lowest in five years and going down,” adding that “Prices are going down really rapidly.” He said, “We inherited a mess, and we brought them down a lot, and we're going to go still further. We're going to have an incredible few years.”
The president then pointed to job growth and employment generation, stating, "You know, factories are being built all over the country. I don't know if you saw, but they did job reports which just came out, and the numbers of construction jobs is at a record."
He continued, "Well, those jobs are at a record because they're building plants and factories all over the country."
Trump further highlighted stock market milestones, saying, “We hit the Dow hit 50,000.” He explained that when he was elected, analysts had suggested it would be an achievement to reach 50,000 by the end of a fourth year in office.
“And I hit it by the end of my first year,” he said. He added that the S&P also reached 7,000, describing it as an even more difficult target.
“They said it's probably impossible in four years, but five or six years out, well, we did it in one year, and you're all the beneficiaries of it.” He concluded by congratulating governors for their work and thanking them.
Midterms, affordability concerns, and public opinion
Previously on Presidents’ Day, Trump again celebrated what he described as a cooling economy and record-low crime. In a social media post, he wrote that “Prices and Inflation are Way Down,” citing the latest Bureau of Labor Statistics data.
The annual inflation rate slowed to 2.4% in January 2026, down from 2.7% in December. The figure came in below economists’ expectations of 2.5% and marked the lowest inflation reading since May 2025.
He also stated, “The Stock Market, and your 401k's, are Way Up.” Economic concerns remain central as the midterm elections approach in November, when the House of Representatives and a third of the Senate will be contested.
American voters have shown strong sensitivity to economic issues, which previously affected Trump’s predecessor, Joe Biden, and now pose challenges for Republicans. Trump has warned that if Democrats gain control of Congress, they could attempt to impeach him.
A January 2026 opinion poll conducted by the Council on Foreign Relations in partnership with Morning Consult surveyed 2,203 respondents. More than 65% said tariffs had made everyday items less affordable, including food and groceries, health care, housing, and transportation.
That sentiment was expressed by a plurality of respondents who identified as both Democrats and Republicans, underscoring ongoing concerns about affordability even as the administration points to easing inflation data.
