# Inflation under Donald Trump (2nd term), 2025–present

Source page: https://govargus.com/presidents/trump-2025/inflation

So far under Donald Trump (2nd term), inflation has averaged 3.0%, against 5.0% in the four years before.

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: 4.2% in May 2026. Lowest: 2.3% in Apr 2025.

| Year | Average |
| --- | --- |
| 2025 (Feb–Dec) | 2.7% |
| 2026 (Jan–Sep) | 3.3% |

## 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

- Apr 2, 2025, trade: Broad "reciprocal" tariffs announced. A baseline 10% tariff on most imports plus higher country-specific rates, several later paused or renegotiated.