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Trump Says ‘Almost Every Price Has Come Way Down’ - Consumer Confidence Says Otherwise

Consumer confidence plunges as Americans struggle with rising costs

By Jordan Major , Edited by Laura Hohenstein

Updated Oct. 30, 2026

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President Donald Trump says prices are coming down across the United States, offering reassurance to Americans struggling with the cost of living. However, a new survey suggests many households aren't feeling the improvement he's describing.

Consumer confidence fell to its lowest level in more than 12 years in September, with Americans increasingly worried about grocery bills, gas prices, and their job prospects. The findings raise questions about whether the economy is improving for ordinary households and what continued financial pressure could mean for anyone trying to cope with increasing bills.

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Trump says prices are coming down

Speaking to reporters at the end of September, Trump argued that Americans were benefiting from lower prices and stronger economic conditions. "Oil is going to come plummeting down, and all prices are coming down," Trump said.

He also claimed that grocery prices had fallen significantly compared with the previous administration and that Americans were earning more money than ever before. "But prices for groceries have come way down from Biden," he added. "Almost every price has come way down."

However, the latest consumer confidence figures paint a different picture of how households are experiencing the economy.

While some prices may fall, that doesn't necessarily mean the overall cost of living is declining. Americans are still dealing with the cumulative effects of years of inflation, alongside renewed pressure from energy costs and higher borrowing rates.

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Consumer confidence falls to its lowest level since 2014

According to The Conference Board's September 29 report, its Consumer Confidence Index fell 6.7 points to 81.9 in September, down from 88.6 in August. At 81.9, the index hit its lowest level since April 2014, marking a nearly 12-and-a-half-year low.

The decline was also considerably worse than economists expected, with analysts surveyed forecasting a reading of around 89.2. Importantly, the deterioration wasn't limited to one group of Americans. Confidence weakened across political affiliations, age groups, and income levels.

The survey also found that consumers were increasingly pessimistic about the next six months. Its Expectations Index, which measures views on future income, business conditions, and employment, dropped to 63.6, marking its third consecutive monthly decline.

Together, those findings suggest households are unhappy with current prices and increasingly concerned about their financial prospects.

Americans are still worried about everyday prices

One of the clearest findings from the survey was how frequently Americans mentioned the cost of living. Dana Peterson, chief economist at The Conference Board, said references to prices, expensive goods and services, and oil and gas costs had reached new highs in consumers' written responses.

Those concerns help explain why Trump's message about falling prices may not match what households are experiencing.

Even when inflation slows, prices don't necessarily return to their previous levels. A product that became significantly more expensive over several years could continue straining household budgets even if its price stops rising as quickly.

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Higher energy costs are squeezing household budgets

The conflict in the Middle East has pushed oil and gasoline prices higher, increasing what Americans spend at the pump. Higher fuel costs might also raise transportation expenses for businesses, potentially putting additional pressure on the prices households pay.

For families already spending more on groceries, utilities, and housing, those increases leave less money available for savings or unexpected bills.

Interest rates are adding to the pressure

Borrowing costs are another reason Americans may feel less optimistic about their finances. The Federal Reserve raised its benchmark interest rate by a quarter percentage point in September, bringing the target range to 3.75% to 4%.

Higher rates could make borrowing more expensive, particularly for consumers carrying variable-rate debt or planning major purchases.

Mortgage rates have also climbed, with the average 30-year fixed mortgage rate reaching 7.03% in late September, its highest level since January 2025. At that rate, buying a home might become considerably more expensive even if the property's asking price hasn't changed.

Higher borrowing costs could also affect homeowners considering refinancing, people financing vehicles, and households trying to pay down credit card balances. Combined with elevated everyday expenses, those pressures help explain why confidence has weakened despite Trump's more optimistic assessment.

What does this mean for your finances?

Consumer confidence doesn't directly determine whether your household is financially secure. However, the concerns reflected in the survey are worth considering when making financial decisions.

At the same time, if you're already dealing with higher grocery, gas, or housing costs, reviewing your monthly spending could help identify expenses that have increased without you noticing.

Meanwhile, anyone planning to finance a home or vehicle should pay close attention to borrowing costs rather than assuming interest rates will fall soon.

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Bottom line

Trump says prices are coming down, but September's consumer confidence report suggests many Americans are still struggling with high living costs and growing concerns about employment.

Although the survey doesn't predict what will happen to the economy next, it highlights a gap between the administration's optimistic message and how many Americans feel about their financial fitness.

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