"I can't tell you. I don't know when all of this money is going to kick in," he said when asked about the whether Republicans would lose the House in November, in an interview on Friday with the Wall St Journal.
The White House did not immediately respond to Reuters' request for comment.
The president has argued that his economic policies, including his imposition of widespread tariffs on imports, are creating jobs, boosting the stock market and attracting increased investment into the United States.
After campaigning last year on promises to tame inflation, Trump has in recent weeks alternated between dismissing affordability problems as a hoax, blaming President Joe Biden for them and promising his economic policies will benefit Americans next year.
"I think by the time we have to talk about the election, which is in another few months, I think our prices are in good shape," Trump said in the interview.
Last month the president rolled back tariffs on more than 200 food products in the face of growing angst among American consumers about the high cost of groceries.
The president did not say whether he would lower tariffs on additional goods, the Journal reported.
Trump's overall approval rating edged up to 41 per cent in a new Reuters/Ipsos poll but the approval rating on his performance on the cost of living was just 31 per cent.
Democrats have won a string of victories in state and local elections in Virginia, New Jersey and New York City, where growing voter concerns about affordability, including high food prices, were a key topic.
Officials have said Trump will hit the road in the new year to campaign for Republican candidates and emphasise his economic policy successes.
Trump has said his tax cuts and tariffs on foreign goods will put more money in the pockets of American families.
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