President Donald Trump promoted good news concerning the U.S. economy on Thursday morning.

It was reported early Thursday that household goods and packaged food makers are easing U.S. price increases to avoid losing American shoppers to retailers' less expensive private-label brands as a global trade war tests the limits of their pricing power at grocery stores.

Also, forecasts suggest gasoline and diesel fuel prices could dip to five-year lows this summer, FarmWeekNow.com reported.

Trump took to his social media platform to comment.

"Gas and grocery prices are WAY DOWN, just like I said they would be. Eggs are plentiful, and down 87%. NICE!" Trump wrote on Truth Social.

Trump has imposed broad tariffs on several countries around the world in recent months, sparking worries that the U.S. economy will be pushed into recession, with commodities and basic utilities becoming more expensive.

Trump met with major retailers, including Walmart and Target, on Monday to discuss the tariffs' impact on their imports.

Reuters contributed to this story.

• AP-NORC Poll: 80% of Americans Expect Higher Prices
• Fed: US Economic Activity Steady in Recent Weeks