Commissioner Miller Celebrates U.S. Shrinking Inflation and Agricultural Trade Deficit

AUSTIN - Commissioner Sid Miller today celebrated the Trump Administration's recent economic reports showing declines in core inflation and a forecasted reduction in the agricultural trade deficit next year. The combination points towards a sharp economic turnaround for both American agricultural producers and consumers, with Texas's robust economy and agricultural production leading the way.

The Trump Administration recently reported that inflation was at its lowest level in nearly five years, down roughly 70% from its Biden-era peak, while gas, grocery, and rent costs eased and wages rose for blue-collar workers. Texas recorded a 1.7% inflation rate based on the Consumer Price Index (CPI), tied for the lowest in the country. In addition, the USDA projected that the agricultural trade deficit would fall from $43.7 billion in FY2025 to $37 billion in FY2026. These reports signal progress for both the economy and American producers.

"These improvements are proof that strong economic leadership and America First policies are delivering real results for America's farmers, ranchers, and producers," Commissioner Miller said. "Under President Donald J. Trump, we're breaking down trade barriers and opening markets that were lost under the previous administration. A brighter future for American agriculture is being carved out one trade deal at a time."

The agricultural trade deficit grew steadily under the Biden administration, fueled by rising imports and stagnant exports. This trend has pressured farm incomes, increased our reliance on foreign food, and weakened rural communities. The latest data, however, signal early progress in reversing this trend and restoring balance to U.S. agriculture.

"Texas has the nation's strongest economy, powered by agriculture and energy, so it's no surprise to me that we've weathered inflation better than most," Miller added. "But our work isn't done. While we are beating back inflation, any trade deficit is too large. Persistent gaps threaten rural economies, our global standing, and the livelihoods of the Americans who feed the world. Our President knows this, and it's clear this has been a top priority for his administration. Together we will work to stay vigilant, demand fair trade, and expand opportunities for Texas farmers and ranchers."

To view the White House's report on inflation by state, click here.

To view the USDA's quarterly agricultural trade forecast, click here.

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