President Donald J. Trump joins G7 Leaders Italian Prime Minister Giuseppe Conte; European Council President Donald Tusk; Japan Prime Minister Shinzo Abe; United Kingdom Prime Minister Boris Johnson; German Chancellor Angela Merkel; Canadian Prime Minister Justin Trudeau and G7 Summit host French President Emmanuel Macron during a G7 Working Session on Global Economy, Foreign Policy and Security Affairs at the Centre de Congrés Bellevue Sunday, Aug. 25, 2019, in Biarritz, France.

Lowering inflation and reducing the cost of living were central to Donald Trump’s election. But polls now show Americans believe he’s failing on both fronts—and his approval rating on the issue is sinking fast.

CNN analyst Harry Enten on Wednesday warned, “This is an abject disaster for the President of the United States.”

“He’s 25 points underwater” on inflation, Enten told viewers. “My goodness gracious, that is where The Little Mermaid is, and he is matching The Little Mermaid. That’s how far underwater he is on the issue that got him elected.”

Thursday morning the tea leaves got worse for President Trump.

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Wholesale prices in July skyrocketed 0.9%, against expectations of 0.2%. That’s more than four times what analysts thought would happen.

“The cost of wholesale goods and services — where rising inflation tends to show up first — posted the biggest increase in July in three years, possibly heralding a sizable acceleration in price hikes tied to higher U.S. tariffs,” MarketWatch reported.

“Wholesale prices rose far more than expected in July,” CNBC reported, “providing a potential sign that inflation is still a threat to the U.S. economy, a Bureau of Labor Statistics report Thursday showed.”

“The producer price index, which measures final demand goods and services prices, jumped 0.9% on the month, compared to the Dow Jones estimate for a 0.2% gain. It was the biggest monthly gain since June 2022.”

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Economists weighed in.

“Tariff churn is starting to burn and producers are starting to feel the inflation fire heat,” Chris Rupkey, chief economist at FwdBonds, wrote in commentary on Thursday, as CNN reported. “It will only be a matter of time before producers pass their higher tariff-related costs on to the backs of inflation-weary consumers.”

“The inflation simmering on the back burner has been brought forward and is clearly starting to boil,” Rupkey warned.

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