The Aporia
Halaschak, Z. (2026, October 14). Inflation increased to 3.7% in last consumer price index report before midterm elections. Washington Examiner. https://www.washingtonexaminer.com/policy/finance-and-economy/4764177/inflation-last-consumer-price-index-report-midterms/
Halaschak, Zach. “Inflation increased to 3.7% in last consumer price index report before midterm elections.” Washington Examiner, 14 Oct. 2026, https://www.washingtonexaminer.com/policy/finance-and-economy/4764177/inflation-last-consumer-price-index-report-midterms/.
Halaschak, Zach. “Inflation increased to 3.7% in last consumer price index report before midterm elections.” Washington Examiner, October 14, 2026. https://www.washingtonexaminer.com/policy/finance-and-economy/4764177/inflation-last-consumer-price-index-report-midterms/.
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In September 2026, U.S. inflation rose to 3.7% annually, higher than the expected 3.6%, driven largely by escalating energy costs due to the conflict with Iran. Gasoline prices increased by 9.1% in September alone, accounting for over half of the monthly increase in consumer prices. This data release came just weeks before the November midterm elections, where affordability issues are a top concern for voters. The rise in inflation adds political pressure on Republicans defending majorities in Congress and presents challenges for President Trump's approval ratings amid voter frustration over rising living costs. Despite these concerns, core inflation, which excludes volatile food and energy items, is projected to show only modest gains, potentially easing immediate pressure on the Federal Reserve to raise interest rates further.
Inflation is well above the Federal Reserve’s target of 2%, and the data comes after the Fed hiked interest rates at its last meeting in an effort to tamp down price increases.
The report is clearly bad news for the Trump administration, which has been working to reassure voters weary of price hikes, especially given that the November election will determine if Republicans hold the House of Representatives and the Senate.
Recent surveys have shown that many voters blame Trump for the recent uptick in prices and for not returning inflation to healthy levels after running on doing so in the 2024 presidential election.
High gas prices, in particular, have dragged down Trump’s approval rating to new lows.