# Inflation under Donald Trump (1st term), 2017–2021

Source page: https://govargus.com/presidents/trump-2017/inflation

Under Donald Trump (1st term), inflation averaged 1.9%, against 1.1% in the four years before. That is the 2nd-lowest average of the 8 completed terms since 1977.

Inflation (CPI, year over year): Percent change in the Consumer Price Index for All Urban Consumers versus the same month a year earlier. Source: Bureau of Labor Statistics, via FRED CPIAUCSL (https://fred.stlouisfed.org/series/CPIAUCSL), fetched Oct 19, 2026.

## Year by year

Highest reading during the term: 2.9% in Jul 2018. Lowest: 0.2% in May 2020.

| Year | Average |
| --- | --- |
| 2017 (Feb–Dec) | 2.1% |
| 2018 | 2.4% |
| 2019 | 1.8% |
| 2020 | 1.3% |

## Every term

Sorted by average, highest first. A term's first year mostly reflects the previous administration's policies, and Congress, the Federal Reserve and the world economy move these numbers too. Govargus describes; it does not score presidents.

| President | Term | During term | 4 years before |
| --- | --- | --- | --- |
| Jimmy Carter | 1977–1981 | avg 9.8% | avg 8.1% |
| Joe Biden | 2021–2025 | avg 5.0% | avg 1.9% |
| Ronald Reagan | 1981–1989 | avg 4.6% | avg 9.8% |
| George H. W. Bush | 1989–1993 | avg 4.4% | avg 3.3% |
| Donald Trump (2nd term) | 2025–present | avg 3.0% so far | avg 5.0% |
| George W. Bush | 2001–2009 | avg 2.8% | avg 2.3% |
| Bill Clinton | 1993–2001 | avg 2.6% | avg 4.4% |
| Donald Trump (1st term) | 2017–2021 | avg 1.9% | avg 1.1% |
| Barack Obama | 2009–2017 | avg 1.4% | avg 3.3% |

## Events during the term

- Jul 6, 2018, trade: Section 301 tariffs on China begin. First 25% tariffs on $34 billion of Chinese imports; China retaliates and the trade war escalates through 2019.