Trump told reporters he is "not even a little bit" focused on Americans' financial pain while negotiating with Iran, which is bad news for households already squeezed by rising prices.

• Inflation came in at 3.8%, the highest since May 2023, with wholesale prices hitting a 4-year high driven by the Iran war pushing oil up.
• Real wages fell, so workers are losing ground even before food and energy costs fully feed through.
• Fertilizer for 2027 crops is already running 30 to 40% higher, which means food prices are set to climb again next year.
• Trump says oil will gush and inflation will drop once the war ends, but until then gas, transport, and grocery costs keep rising.
• The cost-of-living squeeze is his biggest political weakness heading into the midterms and gives socialist-leaning Democrats an opening.

Outlook: Expect more inflation pressure in the near term from oil and food, with relief only if the Iran conflict ends quickly.