Inflation Discussion on “Meet the Press”

During a recent appearance on “Meet the Press,” Treasury Secretary Scott Bessent took issue with NBC host Kristen Welker, accusing her of selectively presenting inflation statistics.

Welker pressed Bessent on the increase in prices for everyday items like coffee, beef, and bacon. In response, Bessent asserted that while the Biden administration had left a significant affordability crisis, the situation has improved overall under President Trump’s administration.

“Coffee prices are up 19% since last year, beef is nearly 15% more, and bacon has risen almost 6%. So when can we expect grocery prices to decrease, as President Trump indicated?” Welker asked.

Bessent replied, “I appreciate you, but you tend to cherry-pick your facts. Remember when it was all about ‘Eggflation’? Prices for eggs have dropped, gas prices are lower, and since President Trump took office, inflation as a whole has decreased. The affordability crisis we are dealing with was inherited from the Biden administration.”

He emphasized that addressing the affordability crisis is a primary focus for the Trump administration.

“The initial step was to manage inflation, and this month’s figures were actually below expectations. Core inflation was at 0.2%, marking the lowest level in quite some time,” Bessent noted. “Rent prices are declining too, so we need to avoid cherry-picking. Inflation is a complicated issue, and we are optimistic that it will continue to relax in the upcoming months.”

Inflation under former President Joe Biden hit a peak of 9.1% in July 2022, one of the largest increases in decades, significantly affecting food, fuel, and housing costs nationwide.

In the early months of President Trump’s second term, Democrats criticized the rising consumer prices, especially egg prices, which doubled between late 2023 and early 2025 due to issues in poultry production.

The current annual inflation rate in the United States stands at 3.0% for the 12 months ending in September 2025, according to the Bureau of Labor Statistics. Additionally, producer costs fell in August, showing a decrease in wholesale inflation of 0.1%, lowering the annual rate from 3.3% to 2.6%.

Revised data indicate that employment growth in the last year has been overstated, with around 911,000 fewer jobs created than initially reported for the period ending in March 2025, amidst a notable slowdown that persisted through August.