Recent reports reveal a conflicting narrative on the U.S. economy's inflation status. President Donald Trump insists there is 'no inflation' and claims to have 'already taken care of' inflation, citing a 2% ideal rate. However, the Treasury Department reports that inflation remained above the 2% target in the third quarter of 2025, with a 3% annual rate in September, driven partly by record beef prices and rising food costs. Despite Trump’s denial, consumer prices have increased across all major categories, with grocery prices up 1.4% since Trump took office and households spending an additional $208 per month on average. The Treasury also notes solid economic growth in Q3, but warns that lower-income consumers are suffering more, with decreased spending and rising loan defaults. The labor market shows signs of slowing, with employment growth below recent levels and potential impacts from artificial intelligence and government shutdown effects. Meanwhile, Trump’s continued denial of inflation contrasts with the data, echoing a pattern of political messaging that dismisses economic realities faced by Americans. The conflicting narratives highlight ongoing challenges in addressing inflation and economic perceptions as the country approaches upcoming elections.