“Inflation is way down. We're coming way down. And last week, it was announced just last week that inflation dropped by the largest amount in more than six years, because we're doing it right.”

Half of this is right, which is why it is here at all. The consumer price index did fall 0.4 percent in June 2026, the largest one-month decrease since April 2020, so "the largest amount in more than six years" is accurate for the monthly change. What it was not is a trend. The June fall followed monthly increases of 0.9 percent in March, 0.6 percent in April and 0.5 percent in May, and prices rose again in July by 0.1 percent. Independent reporting attributed the June decline mainly to energy, with gasoline down 9.7 percent in the month after a 7.0 percent surge in May.

On the annual measure inflation was higher than he inherited, not lower. Prices were up 3.5 percent over the 12 months to June 2026, against 3.0 percent for the 12 months to January 2025, the month he took office. Core inflation runs the other way, and that is the claim's other defence: 2.6 percent in June 2026 against 3.3 percent in January 2025. The annual rate in May 2026 had been 4.2 percent, the highest since April 2023.