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The White House on Thursday declared a decisive turn in the inflation fight, pointing to new data showing core inflation has fallen to its lowest level in nearly five years — a milestone the administration says validates President Donald Trump’s economic reset after inheriting what it calls a historic cost-of-living crisis from the Biden era. In a statement accompanying the report, White House Press Secretary Karoline Leavitt said inflation “came in far lower than market expectations,” drawing a sharp contrast with the 9 percent peak under President Joe Biden and arguing the numbers reflect sustained relief for American households. “Core inflation is at a new multi-year low, as prices for groceries, medicine, gas, airfare, car rentals, and hotels keep falling,” Leavitt said, adding that lower prices and rising paychecks are expected to continue into the new year.

According to the White House, core inflation — widely viewed by economists as the most reliable gauge because it strips out volatile food and energy costs — is now down roughly 70 percent from its Biden-era high. Officials noted that if inflation continues at the pace of the last two months, it would be running at an annualized rate of about 1.2 percent, well below the Federal Reserve’s 2 percent target. The report also highlighted broad-based price moderation across consumer staples and services, with declines in groceries, dairy, fruits and vegetables, prescription drugs, clothing, airfares, natural gas, car and truck rentals, and hotel prices. Average gas prices have fallen to multi-year lows, while rent inflation has dropped to its lowest level since October 2021, a shift the administration attributes in part to tougher enforcement against illegal immigration and reduced pressure on housing demand.

Wages, the White House says, are rising alongside easing prices. Private-sector workers are on track to see real wages increase by about $1,300 in President Trump’s first full year back in office, clawing back purchasing power lost during the inflation surge of the previous administration. Gains are strongest among blue-collar workers, with annualized real earnings up roughly $1,800 for construction workers and $1,600 for manufacturing employees. Administration officials also took aim at critics who warned Trump’s tariff policies would reignite inflation, arguing the data shows no demonstrable inflationary impact despite repeated predictions from Wall Street and academic economists.

NEC Director Kevin Hassett on the latest inflation report: "It was just an absolute blockbuster report… We looked at 61 forecasts, and this number came in better than every single one of them." 🔥 pic.twitter.com/rBJpkmjuNa

— Rapid Response 47 (@RapidResponse47) December 18, 2025

Even commentators across the media spectrum acknowledged the strength of the report. CNBC’s Steve Liesman called it “a very good number,” while CNN’s Matt Egan said it was “another step in the right direction.” Harvard economist Ken Rogoff described the reading as “a better number than anyone was expecting,” adding, “There’s no other way to spin it.” Bloomberg’s Chris Anstey noted the figure came in two-tenths below the lowest estimate in a survey of 62 economists, calling it “remarkable,” while The Washington Post’s Andrew Ackerman wrote that inflation “cooled unexpectedly,” easing pressure on household budgets.

For the White House, the message was blunt: the inflation era is over. Officials framed Thursday’s report as proof that Trump has followed through on his promise to defeat the cost-of-living crisis he inherited, laying what they called the groundwork for a strong year ahead. As the president told the nation this week, the administration insists the progress is real — and that, in his words, the best is yet to come.

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FBI Deputy Director Dan Bongino confirmed Wednesday that he will leave the bureau in January, putting an end to days of speculation about his future inside the agency and signaling a short tenure that was always viewed as transitional. Bongino announced his departure in a post on X, thanking President Trump, Attorney General Pam Bondi, and FBI Director Kash Patel for what he described as “the opportunity to serve with purpose.” “I will be leaving my position with the FBI in January,” Bongino wrote, adding that he was grateful “most importantly” to the American people “for the privilege to serve you.” He closed the message with a patriotic sendoff: “God bless America, and all those who defend Her.”

The announcement followed reporting that Bongino had already begun quietly preparing his exit. According to multiple people familiar with the situation, Bongino told confidants he planned to formally step down early in the new year and would not be returning to FBI headquarters this month. Several sources said he had informed members of his team and senior bureau officials of a tentative plan to go public with his decision in mid-December, and that some of his personal belongings had already been cleared from his office as of last week.

Bongino’s move did not appear to catch the White House off guard. Prior to the public confirmation, President Trump was asked about reports of Bongino’s departure and offered warm praise, telling reporters that Bongino “did a great job” at the FBI and suggesting he may want to return to broadcasting, where he built a large national following before entering government service. Bongino, a former Secret Service agent and longtime conservative commentator, joined the FBI leadership team as part of Trump’s broader effort to reshape federal law enforcement leadership, a mission that allies say will continue under Patel and Bondi even after Bongino’s exit early next year.