United States President Donald Trump has defended his administration’s record on lowering prices as he faces growing discontent from Americans over the cost of living.

In a speech to McDonald’s franchise owners and suppliers on Monday, Trump claimed credit for bringing inflation back to “normal” levels while pledging to bring price growth lower still.

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“We have it down to a low level, but we’re going to get it a little bit lower,” Trump said.

“We want perfection.”

Returning to his regular talking point that Democrats had mismanaged the economy, the Republican president blamed cost pressures on former US President Joe Biden and insisted Americans were “so damn lucky” he won the 2024 election.

“Nobody has done what we’ve done in terms of pricing. We took over a mess,” Trump said.

Trump, whose 2024 presidential campaign focused heavily on the cost of living, has struggled to win over Americans with his protectionist economic message amid persistent affordability concerns.

In an NBC News poll released this month, 66 percent of respondents said Trump had fallen short of their expectations on affordability, while 63 percent answered the same for the economy in general.

Voter angst over prices has been widely identified as a key reason Republicans suffered a shellacking in off-year elections held early this month in multiple states, including New Jersey and Virginia.

Despite repeatedly playing down the effects of his tariffs on prices, Trump on Friday signed an executive order lowering duties on 200 food products, including beef, bananas, coffee and orange juice.

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Trump has also floated tariff-funded $2,000 rebate cheques and the introduction of 50-year mortgages as part of a push to address affordability concerns.

While inflation has markedly declined since hitting a four-decade high of 9.1 percent under Biden, it remains significantly above the Federal Reserve’s 2 percent target.

The inflation rate rose to 3 percent in October, the first time it hit the 3 percent mark since January, although many analysts had expected a higher figure due to Trump’s trade salvoes.

Trump, who is well known for his love of McDonald’s, spent a considerable portion of Monday’s speech praising the fast-food chain and casting the company as emblematic of his economic agenda.

“Together we are fighting for an economy where everybody can win, from the cashier starting her first job to a franchisee opening their first location to the young family in a drive-through line,” he said.

Trump also offered “special thanks” to the fast-food giant for rolling out more affordable menu options, including the reintroduction of extra value meals, which were phased out in 2018 and are priced at $5 or $8.

“We’re getting prices down for this country, and there’s no better leader or advocate than McDonald’s,” he said.