This executive order directs federal agencies to "deliver emergency price relief" to the American people by reducing federal regulations that increase the cost or limit the supply of healthcare, housing, energy, and other goods and services.

Repealing regulations is an effective way to reduce costs and increase supply in the affected industries. However, the price increases caused by regulations are sector specific. Economy-wide price increases are caused by the Federal Reserve.

Widespread price increases are the result of inflation. Inflation occurs when the central bank lowers interest rates by increasing the money supply.

In his remarks by video on Thursday before the World Economic Forum's yearly meeting in Davos, Switzerland, President Trump said he would soon meet with Federal Reserve Chairman Jerome Powell to "demand" the Fed cut interest rates in order to help Americans cope with high prices. Pumping more money into the economy may give some consumers a temporary boost in purchasing power, but a long-term effect of the cut will be further erosion of most Americans' standard of living as the influx of new money causes the dollar to lose value.