WASHINGTON D.C. — Inflation was up last month, according to new data released Thursday by the federal government.
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It confirms something most Americans already know — prices are high and they’re hitting households hard. This isn’t only impacting budgets, it could impact the midterm elections as well.
According to new data from the U.S. Bureau of Labor Statistics, prices consumers pay for a wide variety of goods and services, including food, housing and medical care, all went up last month. This news came just weeks before the midterm elections.
Midterms are usually a referendum on the party in power, according to Georgetown University Associate Professor Hans Noel.
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“Generally, it’s how well is the government doing its thing, and the most obvious thing that people feel is how the economy’s doing,” said Noel, who studies American politics and political parties. “Stuff that directly affects people like, their disposable income is going to matter and obviously, inflation affects that.”
Overall consumer prices are a measure of inflation. They went up 0.4% in September, which is a bigger increase than economists expected. The number is up 8.2% from the year before.
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This is important because as the saying goes, many people vote with their pocketbooks.
“It could have a direct impact on a lot of people,” Noel explained. “They’re a lot less happy than they were before and they might be, therefore, less comfortable keeping the same party in power; and on the margins, that might matter in close races for the House and the Senate.”
Noel added that both parties will spin this news. Republicans might say this means things aren’t going well. Democrats, on the other hand, might point out other changes they’ve made instead of focusing on the economy.
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