Economist Peter Schiff has pushed back against President Donald Trump for claiming victory over inflation, even as price pressures continue to persist in the broader economy.
Inflation Is ‘Not Dead’
On Tuesday, in a post on X, Schiff slammed Trump for prematurely taking “credit for eliminating inflation,” alongside his claims to have “brought it down below 2%, despite inheriting the worst inflation in U.S. history from Biden,” as consumers continue to reel from higher prices.
According to Schiff, “Not only is inflation not dead,” he also warned that “the average annual rate under Trump will likely exceed the average rate under Biden.”
This comes amid Trump’s recent interview with CBS’ Norah O'Donnell, where he dismissed inflationary concerns, while blaming the high prices on the previous administration under President Joe Biden. “No, you're wrong. They went up under Biden. Right now they're going down,” Trump said.
He, however, acknowledged that beef prices were an exception, while adding that he was “working on” bringing them down.
Prices Rise At Fastest Pace In Months
Recently, Sen. Elizabeth Warren (D-MA) called out Trump for failing to deliver on his campaign promise of lowering the cost of essentials for Americans.
Warren’s criticism comes amid the latest consumer price index data, which showed a 3% year-over-year surge in prices for September, marking the fastest pace of growth since January. While the figure is still lower than the 9.1% peak seen during the pandemic, economists warn that price stability has yet to be reached.
According to Moody's Analytics Chief Economist Mark Zandi, “Inflation is uncomfortably high and is set to accelerate further in the coming months,” with Trump’s tariffs still having an impact on prices across product categories.
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