Trump is correct to say that gasoline prices declined from a year ago: Today, regular unleaded fuel costs about $3.14 per gallon, compared with about $3.62 a year ago this month, according to AAA. Overall energy costs are also slightly lower, government data show.

U.S. consumer prices rebounded moderately in April as declining food costs partially offset rising rents, leading to the smallest annual increase in four years, but the inflation outlook remains unclear against the backdrop of tariffs.

US inflation slowed to its lowest rate in more than four years, an unexpected and welcome development at a time when President Donald Trump’s dramatically escalated tariffs are expected to cause prices to rise.