Trump is as unpopular on inflation as Biden was in 2022

The president’s approval rating on prices and the economy is approaching Joe Biden’s low point during peak inflation

New BLS data published on Thursday show a troubling increase in the Producer Price Index — a measure of the price of goods listed by businesses, before consumers get the bill — and a resurgence in inflation. For context, here’s a graphic of annual change in the PPI from the St Louis Fed.

The new PPI number was reported as “scorching hot,” spooking markets (investors are less confident the Fed will cut interest rates now, which Wall Street wants) and cited as evidence that Trump’s tariffs are starting to impact prices.

Once costs rise for businesses, it’s only a matter of time until prices increase for consumers.

But prices are Trump’s biggest political vulnerability. Inflation was the top reason for defectors from Biden to Trump (or not voting) between 2020 and 2024, and getting prices down was his biggest promise of the 2024 campaign. If Trump fails to keep inflation under control (or, indeed, make it worse), he could lose even more ground with the public, hurting his political capital…