“We have no inflation.”

Inflation is not zero and is not dead. It was running about 3% when Trump said this. PolitiFact rated his 'no inflation' claim False, noting the year-over-year Consumer Price Index stood at 2.9% in August 2025 and 3.0% in September, well above the Federal Reserve's 2% target. Even the White House's own press releases described inflation as 'low and stable,' never as nonexistent.

Inflation was also accelerating, not dying. The CPI hit its second-term low in April 2025 and then climbed every month through August. Major categories kept rising over the year: electricity up 6.2%, used vehicles up 6%, medical care up 3.4%, and groceries up 2.7%. Brookings economist Gary Burtless put it plainly: 'Consumer price inflation is not zero, under any plausibly complete definition.' Trump's own Fed chair contradicted him: Jerome Powell stated that 'inflation remains somewhat elevated' in late 2025. Even the lowest November 2025 reading of 2.7%, released the morning after one of Trump's prime-time addresses, is not 'no inflation.' Prices were still climbing, just more slowly than at the 2022 peak.

"The inflation rate is not zero; it's currently at 2.9% year over year. That's higher than the Fed's 2% 'price stability' target. And the inflation rate has been accelerating rather than easing for the past four months." — PolitiFact (rating Trump's 'no inflation' claim False), September 2025