President Trump declared last week that he’s “already solved inflation” and that “costs are down.”

“We have almost no inflation anymore,” he said in a Fox News interview. But Consumer Price Index data released Thursday tells a different story.

Not only does the data show rising inflation, but the pace of consumer price increases is accelerating.

Consumer prices rose 0.4 percent in August from the month before, pushing the annual inflation rate to 2.9 percent, the highest since January, according to Bureau of Labor Statistics data released Thursday. The acceleration comes as Trump has levied higher tariffs on practically everything the United States imports while also cracking down on undocumented immigrants, including at their workplaces.

Tariffs and the stepped-up immigration enforcem

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