Trump has promised to cut regulations, impose sweeping tariffs, overhaul energy policy and lower interest rates. But not all of those measures will bring down inflation.

Two months ago, in his first network television interview after the election, Donald Trump said he owed his victory to Americans’ anger over immigration and inflation, specifically the rising cost of groceries.

Despite Trump’s flurry of executive orders, none touched on inflation or consumer costs. Two months ago, in his first network television interview after the election, Donald Trump said he owed his victory to Americans’ anger over immigration and inflation,