Trump insists inflation is low as CPI report shows a 3.7% increase

As of October 14, 2026, inflation increased to 3.7% year-over-year, up from 3.4% in August, according to the Bureau of Labor Statistics' latest Consumer Price Index report. This rise is primarily attributed to a significant surge in gas prices, which rose by 9.1% in September alone. The inflation data comes at a critical time for President Donald Trump and Republicans ahead of November's midterm elections, as rising costs have become a major issue for voters concerned about affordability and economic stability. Despite the increase, underlying core inflation (excluding volatile food and energy items) rose to 2.6%, showing only modest gains compared to previous months but still above the Federal Reserve’s target of 2%, indicating continued pressure on the Fed to manage interest rates effectively.