The US president incorrectly stated that costs of petrol and eggs had dropped whereas residence gross sales had been good.
US President Donald Trump stated 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 residence gross sales and if it was an financial indicator that considerations him, stated there have been excellent numbers on housing.
Nevertheless, in keeping with a report from the Nationwide Affiliation of Realtors (NAR), which the reporter who requested the query was alluding to, gross sales of present houses are shifting at their slowest tempo 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 risk of much less financial mobility for society,” NAR Chief Economist Lawrence Yun stated in a public assertion.
Trump talked about that vitality costs have dropped to $1.98 in some states. Whereas he didn’t specify the kind of vitality, his feedback carefully mirrored remarks he made final week. At the moment, he cited petrol costs particularly.
In response to 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 worth 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 worth 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 12 months. The president accurately famous that petrol costs are trending downward, although to not the extent he instructed.
In response to the newest report from the Division of Labor, general vitality 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 gasoline and electrical energy prices. Oil costs have additionally typically declined since Trump took workplace, predominantly on the again of financial uncertainties attributable to Trump’s tariff threats.
In his feedback, Trump additionally said that grocery costs are reducing. Latest information doesn’t help this declare. In response to 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 12 months in the past. Value will increase had been noticed in 4 out of six main grocery classes.
Eggs, which the president stated had dropped in worth, truly noticed a 5.9 p.c enhance final month. 12 months-over-year, egg costs are up greater than 60 p.c. The meat index rose by 1.2 p.c, and dairy costs elevated by 4 p.c. Nevertheless, costs for vegatables and fruits did decline barely, dropping by 0.5 p.c.
