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Members of the Trump administration are highlighting an unexpectedly low inflation report. Commerce Secretary Howard Lutnick said the drop is proof the White House’s policies are finally pushing down prices, responding to Democrats who argue the administration hasn’t done enough to improve the economy.
“These things are coming down, and I think what you’re going to see next year is an extraordinary year,” said Lutnick on “America Reports” Thursday.
The Labor Department reported that inflation eased to 2.7% in November 2025, down from 3% in September 2025. Democrats have criticized the administration, saying it should show more improvement in the economy after its first year.
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Secretary of Commerce Howard Lutnick arrives for an EU Trade Ministers meeting at the Europa building, the EU Council headquarters, in Brussels, Belgium, on Nov. 24. (Thierry Monasse/Getty Images)
Lutnick argued the administration’s focus on cutting both energy costs and interest rates is paying off. But, while things like gas prices have dropped, so has consumer confidence.
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Data from The Conference Board shows consumer confidence fell more than expected last month, hitting the lowest level since this past spring.
Lutnick blamed the drop on the “fake news,” arguing the media isn’t showing Americans the full economic picture.
“You’ve got the president fighting for drug prices to be lower, fighting for energy prices to be lower, fighting for interest rates to be lower. Those are the three big pushes,” Lutnick said.
Howard Lutnick, commerce secretary, participates in a roundtable in the Roosevelt Room of the White House in Washington, D.C., on Dec. 10. (Aaron Schwartz/CNP/Bloomberg via Getty Images)
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“The other side of the coin is bringing in these trillions of dollars of investment,” he added, noting that he believes the “golden age” is coming.
The secretary also teased more action on bringing down drug prices, saying Trump and the administration are “hammering the price of drugs down.”
During a primetime address on Wednesday, President Donald Trump addressed economic concerns and criticized the Biden administration’s handling of the issue. The president argued his White House has turned the economy around after inheriting significant challenges.
President Donald Trump speaks during a prime-time address to the nation in the Diplomatic Reception Room of the White House in Washington, D.C., on Wednesday. (Doug Mills/The New York Times/Bloomberg via Getty Images)
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“Next year, you will also see the results of the largest tax cuts in American history that were really accomplished through our great, big, beautiful bill, perhaps the most sweeping legislation ever passed in Congress,” said Trump.
Despite the encouraging inflation data, signs of economic strain remain. The U.S. unemployment rate rose to 4.6% in November 2025, its highest level since 2021.
