Trump’s second term also counts in the price comparison

The inflation shock under Joe Biden was real. The US consumer price level rose by 21.4% between January 2021 and January 2025, compared with 7.7% in the preceding four years. Those who remember life being cheaper during Trump’s first term therefore have a real basis for doing so. And a slowdown in inflation does not reverse earlier price rises. [5]

On Truth Social, Trump claims that the price of petrol and ‘almost all’ other prices were much higher under Biden than under ‘TRUMP’. But which Trump does he mean? The president of 2017–2021, or also the president who has been back in office since January 2025? His post leaves that open. [2] In September 2026, that is no mere semantic detail. His second term is now part of his price story — even where it makes that story less appealing.

At the pump, the choice of date matters

In the latest available weekly EIA figures, regular petrol cost an average of $4.32 per US gallon on 14 September 2026. On 20 January 2025, the day of Trump’s second inauguration, it was $3.11. That is a rise of nearly 39%, measured within the same national series. [3]

There are also comparisons that favour Trump. According to the US energy agency EIA, the petrol pump price in the calendar year 2025 was on average about 6% lower than in 2024. AAA’s daily figures on 21 September 2026 were around 11% below the record set in June 2022, during Biden’s presidency. [9] [4] But a record price and a favourable calendar year do not represent a full term in office.

The price level continues to rise

Between January 2025 and August 2026, the general consumer price level rose by a further 5.4%. That period is much shorter than Biden’s four years and therefore does not allow a direct comparison of inflation rates. It does mean, however, that the average consumer basket also became more expensive during Trump’s second term, rather than returning to the level of his first. [5] [6]