Once again, Donald Trump is the president-elect of the United States. His remarkable political comeback was fueled by voters’ concerns about the economy, particularly inflation. So what will a second Trump administration do for the cost of living?

A group of prominent, Nobel Prize–winning economists asserted that inflation will be worse under Trump. What concerned them most were Trump’s promises to enact steep tariffs and his desire to bring the Federal Reserve under political control. While these policies certainly have their downsides, they’re unlikely to result in sustained price hikes of the kind we saw in 2021 and 2022.