President Donald Trump's promises of gasoline below $2 a gallon and mortgage rates of 2% remain far from Americans' financial reality as the November midterms approach, with fuel, food and housing costs challenging his administration's claims of economic progress.
Gasoline averaged $4.37 a gallon on Oct. 9, while Freddie Mac's Oct. 8 survey put the average 30-year fixed mortgage rate at 7.40%. A CBS News analysis found that several household expenses have risen despite Trump's campaign commitments, although car insurance and prescription medicines have become cheaper.
The political stakes extend beyond individual price increases. Nine in 10 Americans consider prices the most important factor in their assessment of the economy, according to a CBS News poll, even as economic growth remains solid and unemployment low.
Fuel costs illustrate the gap between Trump's targets and current conditions. Gasoline rose approximately 47% from $2.98 on Feb. 27, the day before U.S. and Israeli strikes on Iran, to its Oct. 9 level. That comparison measures the increase since the war's onset, rather than since his inauguration.
The conflict has disrupted oil shipments, while diesel prices have raised costs for trucking, farming and construction. Diesel reached $6.53 a gallon on Sept. 22 before easing to about $6.28 by Oct. 9.
Groceries have also continued climbing. Food-at-home prices increased 4% from November 2024 through the period examined by CBS News, following a 23% rise over the preceding four years.
"A vote for Trump means your groceries will be cheaper," Trump told supporters in Pittsburgh on Nov. 4, 2024.
Tariffs have added another source of pressure. Federal Reserve Bank of New York researchers estimated that they contributed 2.9 percentage points to annual consumer-goods price inflation by February 2026. The analysis covered 67 non-oil goods categories, rather than overall inflation or services.
Housing affordability remains constrained by both borrowing costs and property prices. Freddie Mac's latest mortgage reading rose from 7.28% a week earlier and compares with 7.04% on Jan. 16, 2025, shortly before Trump returned to office.
Mortgage rates respond to bond yields, inflation expectations and financial markets; presidents do not set them directly. Zillow's median asking price was $408,333 in August, adding to the burden facing prospective buyers.
Other increases have accumulated across household budgets. Average residential electricity bills rose 12.5% between December 2024 and July 2026, while airfares remained 17% above January 2025 levels.
The record includes areas of relief. Car insurance costs fell 5.5% from their February peak, and prescription-drug prices declined 3.9% from their February 2025 high. Economists cited competition among insurers and drugmakers among the factors contributing to those reductions.
White House spokeswoman Taylor Rogers defended the administration's record, pointing to tax cuts, private-sector employment and trade agreements. Its policies "will continue to deliver economic wins over the next two years," she told CBS News.
Credit-card borrowing has become slightly cheaper, but remains well above Trump's proposed 10% ceiling. The average rate across commercial-bank accounts stood at 20.94%, down from 21.58% when he resumed office, according to Federal Reserve data. His rate-cap proposal failed to advance despite attracting bipartisan interest.
