President Donald Trump’s State of the Union address on Tuesday night will hinge in no small part on Americans’ cost of living. The White House, and the polling popularity of its primary resident, have been taking hits on this issue for months.
The good news for the White House is that monthly inflation today remains far below its 2022 peak. The bad news is that much of the damage is already done — and may be impossible to undo in the near- to medium-term.