“[On Fox Business' "Varney & Co.," agreeing with host Stuart Varney that the report was bad:] Right. You're absolutely right. … But this month was a blip up. But the bottom line is that you're correct, that this was a disappointing number. … A lot of Trump policies are helping to keep inflation down, but the energy shock is really the headline story today.
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September CPI Hits 3.7% on Iran War Gas Spike
In the Last Inflation Report Before the Midterms, Prices Rise 3.7% on a 9.1% Jump in Gasoline — Kevin Hassett Calls It "a Disappointing Number" but "a Blip," While Elizabeth Warren Says Real Wages Have Fallen "Since Trump's War Began" and Brendan Boyle Says Trump "Has No One to Blame but Himself"
October 15, 2026
On Oct. 14, 2026, the Bureau of Labor Statistics reported that consumer prices rose 3.7% in the year through September, up from 3.4% in August and above the 3.6% economists expected — the last inflation reading before the Nov. 3 midterms. Gasoline prices rose 9.1% in the month and accounted for more than half of the overall increase, as the Iran war and the U.S. blockade of Iranian ports kept oil and diesel prices elevated; annual wage growth was running about 3%, behind prices. National Economic Council Director Kevin Hassett conceded on Fox Business that it was "a disappointing number" and "a blip up," blaming an "energy shock," and told NewsNation there was "a whole bunch of good news in the report." Democrats tied the number to the war and to tariffs: Senate Banking ranking member Elizabeth Warren said real wages had fallen six straight months, House Budget ranking member Brendan Boyle said Trump "has done the exact opposite" of his day-one promise, and Chuck Schumer, Andy Kim, Katherine Clark and Pete Aguilar posted attacks on the "GOP economy." No Republican members of Congress had commented on the report at the time of seeding.
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“[To NewsNation at the White House, calling the energy surge temporary:] But there's a whole bunch of good news in the report. … My expectation is that the strength of all the things that we've been doing in terms of getting food prices down [will show up in coming months].
“[Statement as Senate Banking Committee ranking member, with an updated "Trumpflation Tracker":] Donald Trump promised to lower costs on 'Day One.' Instead, prices are up 5.9% since December 2024, costing families $3,772 on average from inflation alone. … Real wages have now failed to keep pace with inflation for six straight months, and are down 1.3% since Trump's war began.
“[On X:] Trump and Republicans have no answer for rising inflation caused by soaring gas prices and the war in Iran. They're more focused on enriching Trump and his friends and family. This is why we're fighting to take back Congress so we can end the war and bring prices down for you and your family.
“[On X, after the report:] Donald Trump's 'Golden Age' means never ending, higher prices for the American people.
“[Statement as House Budget Committee ranking member:] President Trump promised to end inflation and lower costs 'on day one.' More than 600 days into his second term, he has done the exact opposite, driving up costs for American families with his disastrous war in Iran and reckless tariff taxes. Trump has no one to blame but himself for his broken promises and economic failures, and the American people know it.
“[On X, after the report:] The GOP economy is a failure. Inflation remains too high, as families struggle to afford the basics.
“[On X, after the report:] Inflation is up. The cost of gas and groceries is soaring.