Voters prioritize cost of living concerns in midterm elections

A recent Fox News survey, conducted between October 9th and 12th, revealed that six in ten voters identified the cost of living as their primary economic concern. The survey also indicated that 74% of respondents gave the economy a negative rating, with 53% anticipating a worsening economic outlook next year. Only 18% believe their families are in a better financial position than they were two years ago.

Current inflation rates significantly exceed the Federal Reserve’s 2% target. The latest Consumer Price Index (CPI) data for September showed a 3.7% increase compared to the previous year, largely driven by a 9.1% monthly surge in gasoline prices, which are 34.2% higher than a year ago.

Ben Lieberman, a senior fellow at the Competitive Enterprise Institute, emphasized the impact of gasoline prices on voter perceptions of affordability. “Motor fuels are a tangible expense that directly impacts household budgets, influencing how people feel about the economy and affordability,” Lieberman stated. He suggested that without the impact of the Iran war, voter sentiment might be more positive due to lower gasoline prices.

While consumer inflation has decreased from its peak of 9.1% in June 2022, Lieberman cautioned that prices are unlikely to return to pre-surge levels. “We don’t get a refund on past inflation; prices establish a new baseline,” he explained, noting that this contributes to the perception of high grocery prices.

Olivia Mitchell, an economics professor at the Wharton School of the University of Pennsylvania, highlighted affordability as a central issue in the midterm elections, posing a challenge for Republicans who pledged to lower prices. She noted a recent resurgence in inflation, rising from a low of 2.3% in 2025 and 2.4% in January 2026 to the current 3.7%.

Mitchell also pointed to persistent high interest rates on mortgages, auto loans, and credit cards, hindering families’ ability to save and plan for retirement. She added that tariffs are contributing to higher consumer prices, fueling frustration that is likely to influence the election results. Mitchell concluded that policymakers need to demonstrate how their policies will tangibly improve the financial well-being of American households.