INFLATION JUMPS TO HIGHEST LEVEL SEEN UNDER TRUMP AS APPROVAL RATINGS CRATER

U.S. inflation jumped to 3.3 percent in March, the highest annual rate under Donald Trump’s presidency, as gasoline prices soared amid conflict in the Middle East and energy costs surged.

The spike comes as Trump’s approval ratings have slipped sharply to new lows.

The Consumer Price Index rose 0.9 percent from February, according to the Bureau of Labor Statistics. 

The rise in inflation was largely driven by a record 21.2 percent monthly spike in gasoline prices, the largest monthly increase since the series began in 1967. This accounted for almost three-quarters of the overall monthly rise.

The latest inflation reading surpasses the previous Trump-era high of 2.9 percent set in 2018, and it is the highest rate since April 2024.

Newsweek contacted the White House for comment, which pointed to an X post from spokesperson Kush Desai.

Desai wrote on X: “President Trump has always been clear about short-term disruptions as a result of Operation Epic Fury, disruptions that the Administration has been diligently working to mitigate. Although gas and energy prices are seeing volatility, prices of eggs, beef, prescription drugs, dairy, and other household essentials are falling or remain stable thanks to President Trump’s policies.” 

He added that the economy “remains on a solid trajectory”—citing the administration’s tax cuts, deregulation and energy policies—and said it would continue to ensure the free flow of energy through the Strait of Hormuz.

Why It Matters

The March inflation figures published on Friday are the first to be released since the war with Iran began, which has seen oil prices surge amid disruptions to shipping through the Strait of Hormuz. Trump’s polling has hit near-record lows after the U.S. and Israel launched strikes against Iran, which has been shown to be broadly unpopular with Americans.

Financial experts say the latest inflation data confirms fears about the impact of the Iran conflict on consumer prices.

What To Know

Energy costs climbed almost 10.9 percent in March, largely driven by a spike in gasoline prices.

The index for airline fares also increased 2.7 percent over the month, a total increase of 14.9 compared to a year earlier, possibly reflecting higher fuel costs amid elevated global oil prices.

Overall food prices were flat. Core inflation, a measure that excludes the more volatile food and energy categories, rose 0.2 percent in March, the same rise as in February.

The inflation surge comes against a backdrop of sharp volatility in global energy markets, where oil prices have been swinging in response to ongoing disruption in the Middle East.

Brent crude oil prices surged after Iran effectively halted transit through the crucial Strait of Hormuz, briefly pushing prices to nearly $120 a barrel on Wednesday. Prices were almost $96 as of early Friday morning.

The U.S. and Iran have agreed to a two-week ceasefire, but it remains fragile and markets continue to be volatile.

The White House’s statement maintained that the surge in gasoline prices was a temporary response to the conflict. However, analysts have warned that the supply disruptions could continue and affect other parts of the economy.

Polling since the conflict with Iran began has shown Trump’s approval being negatively affected, and it remains to be seen whether the higher inflation will affect it further. 

Trump’s approval rating fell below 36 percent in at least one recent poll, with crucial midterm elections on the horizon. His approval rating on gasoline hit a “rock bottom” of 28 percent according to a poll from Navigator Research.

Economists warn that persistently high inflation, especially in energy and housing, could further erode consumer confidence and weigh on Trump’s political standing. Recent AP-NORC polling shows economic concerns are now the top issue for voters, with many citing rising prices and stagnant wages as reasons for their disapproval of the president’s handling of the economy. 

With midterm elections approaching, Trump faces mounting pressure to address inflation and restore public trust in his economic leadership.

What People Are Saying

Chris Zaccarelli, the chief investment officer for Northlight Asset Management, said: “The first inflation data from after the war in Iran confirmed what everyone was worried about—the oil shock contributed to an extremely high headline CPI number of 0.9 percent month-over-month.”

Discussing the 0.2 percent rise in core inflation, he said: “This won’t make consumers happy … but should give the economy some room to absorb the higher energy price shock.”

Jamie Cox, the managing partner for Harris Financial Group, said: “March core CPI doesn’t yet reflect the reality of the oil supply shock, where the effect on real wage growth will bear the full brunt in April. While I’m glad to see the effects to be less than expected in March, the effects in April are now more likely to be worse.”

Samuel Tombs, the chief U.S. economist at Pantheon Macroeconomics, told CNN before the inflation figures were release: “The energy price shock will take many months to play out to other parts of the economy. Goods prices won’t change immediately, but after three to six months, you tend to see energy price changes filter through to consumers.”

Senate Minority Leader Chuck Schumer wrote on X: “Skyrocketing inflation, the highest in years, all because of Donald Trump’s unnecessary, ill-planned, reckless war of choice. It’s another reason we must end this war now. Americans are paying the price for Trump’s idiocy every day.”

What Happens Next

Economists will be watching whether inflation pressures linked to energy prices persist in the coming months as the future of the Iran conflict remains uncertain.

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2026-04-10T12:53:48Z