On the campaign trail last year, Donald Trump vowed to “immediately bring prices down, starting on Day One”. Yet since his return to the White House in January, inflation has remained elevated — and voters have noticed. The US president’s approval rating has slipped, weighed down by concerns over the cost of living. However, on Wednesday, he claimed America’s affordability woes are a “con job” and a “hoax” perpetuated by Democrats. In reality, although Trump inherited an economy strained by rising grocery, housing and healthcare costs, his policies have, so far, tended to make matters worse.

Prices jumped about 18 per cent over former president Joe Biden’s term. Under Trump the cost of some symbolic goods, such as eggs and petrol, have come down, but economy-wide inflation has edged higher, adding to the cumulative pain. Data released on Friday showed annual growth in the US personal consumption expenditure price index rose to 2.8 per cent in September, up from 2.3 per cent in April, when Trump unveiled sweeping tariffs.

Import duties have pushed up the cost of trade-dependent goods, including cars and clothing. They have also contributed to higher food and drink prices, including for beef, coffee and some fruits. Likewise, duties on raw materials including copper and timber are filtering into the cost of residential building work, an unwelcome development when the US house-price-to-income ratio is near an all-time high.