Food prices have climbed more than 25% since President Joe Biden took office.
President-elect Donald Trump announced Friday that he selected Karoline Leavitt, a longtime communications staffer, as his White House press secretary.of groceries throughout his campaign, even delivering an address outside his New Jersey home in August alongside a table covered with cereal boxes, coffee grounds and ketchup.
Typically, prices do not fall across the board unless the economy slows or even tips into recession, which would reduce consumer demand but also impose economic hardship, some economists told ABC News.Still, Trump could enact policies that may slow the rise of grocery prices, or even lower the cost of some household staples, economists added.
n the campaign trail, Trump often responded to concern about prices with a three-word mantra: "Drill, baby, drill." While such a move could prove beneficial, increased oil output under President Joe Biden coincided with the surge of inflation in recent years. Since oil is sold on a global market, a surge in domestic production may not lower prices for U.S. consumers as much as some may expect.
They pointed to the market power of large corporations as a cause of rapid price increases, saying companies use their outsized role in the market to raise prices without fear of a competitor offering a comparable product at a more affordable price.
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