Just months before another election that may hinge on the economy, the war in Iran has sent gas and other goods soaring.
Swept into power by voters who were frustrated with the nation’s economic trajectory, President Trump promised at his inauguration to “bring prices down.”
But that was January 2025, more than a year before the White House would forge ahead with an agenda that has sent inflation roaring back, testing the patience — and the finances — of a cost-wary American electorate once again.
For Mr. Trump, the nation’s political and economic strains are laid bare in a series of dour reports released over the past two weeks. Consumer prices last month rose at their fastest clip in about three years, outpacing workers’ wages, while businesses saw their costs increase at a rate not seen since 2022.
Americans are racking up more debt. Families are saving less. And a key measure of consumer confidence dipped to an all-time low this month. The anxiety has bled into recent political polls, which have registered broad public disapproval of Mr. Trump’s handling of the economy.
At the heart of matter is the war with Iran, which sent the average gallon of gasoline to about $4.52 nationally, according to AAA. That is a more than 40 percent jump from a year ago, an uptick that has cut across the global economy, affecting everything from the cost of workers’ daily commutes to the prices of goods at grocery stores.
Yet the president has largely dismissed those recent signals, telling reporters at one point last week: “I don’t think about Americans’ financial situation.”