Trump Claims Inflation Solved Amid Rising Midterm Economic Pressure

President Donald Trump declared that inflation is "solved" during a Fox & Friends interview on November 3, 2026, the day of the midterm elections. He claimed his administration has total control of the Strait of Hormuz via a Navy blockade to lower oil prices, asserting that the country is respected and the results will be better than expected.

These claims contrast with data from the Bureau of Labor Statistics, which reported annual inflation rose to 3.7 percent in September, up from 3 percent in January 2025. Fuel costs have surged, with gasoline prices rising 34.2 percent over the year and diesel peaking at $6.53 per gallon in October. A Federal Reserve Bank of New York study attributed approximately 2.9 percentage points of these consumer price increases to Trump's tariffs.

Energy Secretary Chris Wright acknowledged that prices remain high for Americans. Vice President JD Vance defended the administration by highlighting the elimination of taxes on overtime, tips, and Social Security, though reports suggest these benefits are limited by federal tax structures and state-level non-adoption.

Public sentiment remains negative as the midterms unfold. A Pew Research Center survey found 65 percent of adults believe Trump's economic policies worsened conditions, while Reuters/Ipsos polling shows only 25 percent approval for his handling of the economy. Currently, 53 percent of likely voters favor Democratic candidates for Congress.