The pace of food price growth has already slowed dramatically over the past year.
President-elect Donald Trump is acknowledging it may be difficult to bring down grocery prices, despite making it a key tenet of his presidential campaign.
In an interview with Time magazine, which named him person of the year for 2024, Trump said he nevertheless believes it’ll happen through lower energy costs and supply chain improvements.
Asked whether his presidency would be a “failure” if grocery prices don’t come down, Trump responded it would not, while blaming the Biden administration for the way it handled the inflation that led to higher food prices in the first place.
“Look, they got them up. I’d like to bring them down. It’s hard to bring things down once they’re up. You know, it’s very hard,” he said in the interview published Thursday.
“But I think that they will. I think that energy is going to bring them down. I think a better supply chain is going to bring them down. You know, the supply chain is still broken. It’s broken,” Trump said.
Trump has promised to further increase American energy production. It is already at all-time highs.
He also did not specify how he would fix any supply chain issues, pivoting instead to complaints about the Biden administration’s incentives for electric vehicles.
In fact, experts say Trump’s much-talked-about tariffs proposals would likely exacerbate supply chain woes. It already happened during Trump’s first administration, when ocean container shipping market rates spiked more than 70% in 2018 after he announced new tariffs, according to Reuters.
“Trump’s import tariffs are ‘history repeating’ and will cause a spike in ocean container shipping markets — with consumers picking up the cost,” Peter Sand, chief analyst at the shipping pricing platform Xeneta, told Reuters in September.