Donald Trump's approval ratings on inflation and the economy have dropped sharply, with 68% of registered voters disapproving of his handling of rising living costs. The FT poll shows a 10-point increase in disapproval from April, with two-thirds of voters blaming Trump's policies for higher grocery prices. Among Republicans, disapproval jumped from 26% to 43% in just one month, signaling growing economic concern within his own party.

Food prices rose 2.9% year-on-year in April, with fruit and vegetables up 6.1%. Economists expect May inflation to jump to a 4.2% three-year high. The Iran conflict has contributed $54 billion in additional fuel costs for US consumers, or more than $400 per household. Despite employment gains averaging 188,000 jobs monthly, wage growth at 3.4% lags inflation, meaning real wages are shrinking for American workers.

While Democrats hold a four-point advantage in election polling, their lead has narrowed from eight points last month. The poll results present a challenge for Trump and Republicans facing November elections as a referendum on his economic management. With inflation remaining a top voter concern and the Iran conflict showing no clear resolution, Trump's campaign promises to slash everyday goods costs face significant headwinds.