The following is from the White House Office of Communications.

“Just as President Trump told Americans last night: inflation continues to fall, wages continue to rise, and America is trending towards a historic economic boom. Today’s report shows that inflation came in far lower than market expectations — a stark comparison to the record-high 9% inflation crisis caused by Joe Biden. Core inflation is at a new multi-year low, as prices for groceries, medicine, gas, airfare, car rentals, and hotels keep falling. Americans can expect this trend of lower prices and bigger paychecks to continue into the New Year!”
— White House Press Secretary Karoline Leavitt

The latest inflation data shattered economists’ expectations once again, with core inflation — often called the best measure of inflation — at its lowest level in nearly five years. Inflation is down, gas prices are down, the deficit is down, wages are up — and as President Donald J. Trump told the nation last night, the best is yet to come.

Here’s what you need to know:

• The era of inflation is over. The latest data shows the rate of inflation down about 70% from its Biden-era peak. In fact, if the pace of the past two months were to continue, inflation would be running at only 1.2% — far below the Fed’s 2% target.
• Prices are moderating. Over the last two months, prices for groceries, dairy, fruits and vegetables, toys, prescription drugs, clothing, airfares, natural gas, car and truck rentals, and hotels all declined as average gas prices plummet to multi-year lows. Moreover, rent inflation is at its lowest since October 2021 as illegals no longer drive-up housing costs.
• Wages are up. Private sector workers are on track to see their real wages rise by $1,300 in President Trump’s first full year in office as they earn back the purchasing power lost under Biden. Wage increases are largest among blue-collar workers, with annualized real earnings growth up $1,800 for construction workers and $1,600 for manufacturing workers.
• The so-called “experts” continue to underestimate the Trump Economy. Every single Bloomberg and Dow Jones economist was wrong in their projections as tariffs show no demonstrable impact on inflation.

Here’s what they’re saying:

• CNBC’s Steve Liesman: “That is a very good number.”
• CNN’s Matt Egan: “Clearly, this is another step in the right direction.”
• Harvard University Professor of Economics & Public Policy Ken Rogoff: “A better number than anyone was expecting… Positive news. There’s no other way to spin it.”
• Economist Steve Moore: “Amazing… This is good news for Wall Street; it’s good news for Main Street… I got a big smile on my face right before Christmas with this number.”
• Strategic Wealth Partners CEO Mark Tepper: “Incredible. I thought tariffs were supposed to be inflationary, by the way, and we’re seeing inflation coming down. The affordability gap is closing every single day under President Trump’s watch. We’ve seen real wage growth be positive, inflation slowing — this is great for America.”
• The Washington Examiner’s Tiana Lowe Doescher: “It’s incredible to look at that core [inflation] number… the lowest number we’ve had since Biden started this all lighting the economy on fire… That is called bringing it back. Well done to Donald Trump!”
• Bloomberg’s Chris Anstey: “The lowest estimate in Bloomberg’s survey of 62 economists was 2.8% for the core year-on-year increase. (That was from Citigroup.) And the reading came in two tenths below that. Remarkable.”
• The Washington Post’s Andrew Ackerman: “Inflation cooled unexpectedly in November, easing pressure on household budgets and handing the White House a welcome reprieve.”

President Trump took office on a promise to defeat the inflation and cost-of-living crisis he inherited — and he has unquestionably delivered, laying the foundation for a banner year ahead.