“I love inflation,” said Donald Trump earlier this month, when asked about the latest increase in the Consumer Prices Index to an annualized 4.2 percent. But the power of the President’s positive thinking cannot overwhelm the enormous threat that rising prices pose to his legacy. The new figure is more than an inconvenience or a technicality. It could bring about a sharp change in the political order. Rising costs will likely prove to be Trump’s undoing and present the Democrats with a free hit for November’s midterms and beyond. There was one reason above all others why Trump returned to the White House in 2024: high inflation during the Biden years. His 2016 slogan, “Make America Great Again,” morphed into “Make America Affordable Again.