In a rare evening address from the White House, US President Donald Trump boasted of his accomplishments and blamed his Democratic predecessor for soaring consumer prices as his party braces for a tough midterm election next year.

"Eleven months ago, I inherited a mess, and I'm fixing it," he said in a speech that lasted less than 20 minutes on Wednesday and was delivered at rapid-fire pace.

Trump, who regularly complains that he does not get credit for his accomplishments, offered few new policy initiatives to address high costs.

Instead, he placed blame at the feet of former president Joe Biden, previous trade deals, immigrants and what he described as a corrupt system.

The Republican president, who regularly complains that he does not get credit for his accomplishments, touted his administration's work this year on a range of issues from reducing border crossings to bringing down prices of some goods.

Trump announced his administration would send a "warrior dividend" of US$1,776 to 1.45 million US service members in the coming week.

The American colonies declared their independence from Great Britain in 1776.

He also backed a Republican proposal to send cash directly to the public to offset the cost of health insurance rather than provide subsidies through the Affordable Care Act, a proposal that has yet to receive enough support in Congress.

"I want the money to go directly to the people so you can buy your own healthcare," Trump said, the room behind him festooned with holiday decor.

"The only losers will be the insurance companies."

The address offered an opportunity for the president to address people's concerns about affordability, an issue that Trump, a Republican, has repeatedly referred to as a Democratic hoax.

On Wednesday, while casting blame on Biden's presidency, Trump conceded that prices remain high while arguing that the nation was "poised" for an economic boom.

"I am bringing those high prices down and bringing them down very fast," he said.

Trump's Republicans are seeking to maintain control of the House of Representatives and Senate in November elections next year, while Democrats are highlighting affordability concerns and differences over healthcare policy in an attempt to wrest power away.

High inflation during Biden's four years in office helped Trump beat former Vice President Kamala Harris in last year's election.

But Trump's tariff policies this year have created uncertainty and lifted prices in an economy that has now been overseen by his administration for nearly a year – and Trump, like Biden before him, has been struggling to persuade Americans that the economy is healthy.

A new poll on Tuesday showed just 33 percent of US adults approve of how Trump has handled the economy.

Trump's remarks took place in the White House's Diplomatic Reception Room and not the Oval Office as presidential addresses often do.

In his remarks, Trump said he had attracted US$18 trillion in investments that will create jobs and open factories.

He credited his tariff policy as a leading factor: "One year ago our country was dead... Now we're the hottest country anywhere in the world."

He also said he would announce the next chair of the Federal Reserve soon, “someone who believes in lower interest rates, by a lot, and mortgage payments will be coming down even further." (Reuters)