In a welcome shock that has sent stock futures jumping for joy, the Bureau of Labor Statistics announced that consumer price index inflation dramatically dropped during Donald Trump‘s full first month as president once again. After prices rose by a staggering 0.5% during Joe Biden’s final month of his presidency, headline CPI inflation rose by 0.22% in February, more than a 50% drop that indicates that the inflation rebound Biden oversaw at the end of his term may have been brought to an end.

A major contributor to decelerating inflation? A 1% decrease in gas prices, in no small part due to a dramatic increase in drilling as promised by Trump throughout his campaign. Drilling contractor Baker Hughes reported that the total number of oil and gas rigs operating in the U.S. rose from 477 in November last year to 592 by February, the highest number since June 2024.