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Trump says "prices are coming down." Here's what the data shows.

President Trump delivered a message Tuesday evening aimed at the millions of Americans struggling to afford daily necessities, saying his administration is "crushing" inflation and that "prices are coming down tremendously."

 Economic data tells a different story.

Prices have edged higher for much of Mr. Trump's first year back in the White House, with inflation rising at an annual rate of over 3%. Inflation dipped to a low this year of 2.3% in April, but it has steadily risen since then. 

Economists attribute the rise partly to the Trump administration's new tariffs on imports, with Federal Reserve Chair Jerome Powell pointing to those levies as a key factor behind the recent uptick.

Inflation now "is higher than earlier in the year as inflation for goods has picked up, reflecting the impact of tariffs," Powell said at a press conference on Wednesday.

Wall Street analysts think prices are likely to continue creeping up as tariffs work through the economy.

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