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President-elect Donald Trump says Americans can't afford to shop for groceries will be a relic of the past. They will soon be able to shop, he said Thursday before ringing the opening bell at the New York Stock Exchange, where he was honored as the Times' Person of the Year.

Americans paid 22% more for groceries last month compared to when Trump left office in January 2021, according to November Consumer Price Index data released earlier this week. And, compared to February 2020, before the pandemic, Americans paid 27% more for their groceries in November.

On the campaign trail, Trump focused primarily on oil exploitation to help Americans afford more food. But before he returned to the White House, his strategy to lower food prices shifted slightly to focus on supply chain issues in addition to drilling for more oil.

It's hard to knock things out once they're in place: Speaking in front of a table full of packaged foods, Trump used an August press conference to call attention to food inflation during his presidential campaign. Food prices have skyrocketed, he said.

When I win, I will immediately lower prices, from day one, Trump continued. We're going to drill, baby, drill, he said, referring to increasing domestic oil production. This will bring down the prices of everything.

(Economists generally prefer to see prices rise slightly in an economy rather than fall, a scenario known as deflation, because it can cause people to postpone purchases. And often when prices of goods fall significantly , this is because more people are unemployed and prices of goods are falling significantly (the economy is in recession.)

It's difficult to bring prices down once they're up, Trump said in his Time Magazine Person of the Year interview published Thursday, referring to food prices. You know, it's very difficult, but I think they will do it. I think this energy will bring them down.

Read more about Trump's economic policies here.

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