JD Vance says it's 'going to take a little bit of time' for grocery prices to fall
AP Photo/Alex Brandon
- JD Vance said it would take some time for grocery prices to drop.
- "Rome wasn't built in a day," he told CBS News in his first sit-down interview as vice president.
- Vance said that increased capital investment would be a key part of lowering costs.
Vice President JD Vance said the Trump administration's efforts to lower grocery prices would take some time.
"We have done a lot," Vance told CBS' "Face the Nation" moderator Margaret Brennan when asked about the executive actions signed by President Donald Trump. "There have been a number of executive orders that have caused, already, jobs to start coming back into our country, which is a core part of lowering prices."
"Prices are going to come down, but it's going to take a little bit of time, right?" he continued. "The president has been president for all of five days."
During the 2024 US presidential race, inflation was a top issue for voters, many of whom backed the GOP ticket because they believed it could improve the economy. Vance said increased capital investment would be one area that the administration would focus on as it looks to steer the economy with its conservative policies.
"We're going to work with Congress … the way that you lower prices is that you encourage more capital investment into our country," he said.
"Rome wasn't built in a day," he added.
Brennan asked Vance when consumers would actually notice a shift in prices, which prompted him to say that the administration's energy policies would also help.
"How does bacon get to the grocery store? It comes on trucks that are fueled by diesel fuel," he said. "If the diesel is way too expensive, the bacon is going to become more expensive."
"How do we grow the bacon? Our farmers need energy to produce it," he continued. "So if we lower energy prices, we are going to see lower prices for consumers, and that is what we're trying to fight for."
Last Monday, Trump signed an executive order instructing departments and agencies to "deliver emergency price relief, consistent with applicable law, to the American people." Pursuant to the order, Trump directed the government to find ways to lower housing costs and boost the housing supply, generate employment opportunities for Americans, and eliminate policies that he believes have driven up the costs of food and gas.
Trump also signed an executive order declaring a national energy emergency. The president's action came even as oil and gas production flourished under former President Joe Biden.