So far in President Trump's second term, prices in the US have risen only about half as quickly compared to his predecessor's four years in office. Yet Trump has a 72% disapproval rating on the issue and risks paying a steep political price — just as former President Joe Biden did — with voters drawing a direct connection between rising prices and the president's policies.

In the last election cycle, prices of all items rose more than 20% during Biden's term, sparking widespread voter angs...