Inflation and the midterm elections
INFLATION AND THE MIDTERM ELECTIONS. On Friday, the Commerce Department released inflation figures for August, and what they show is … more of the same. The year-over-year inflation rate last month was 3.4%, a rate unchanged from July and one many analysts call “stubbornly high.”
TL;DR
- August inflation rate remained at 3.4% year-over-year, unchanged from July.
- This rate is higher than the 3% inflation when President Trump took office in January 2025.
- Trump's tariffs and the Iran war are identified as major contributors to persistent inflation, especially rising energy prices.
- Gasoline prices rose 27.4% and fuel oil prices rose 52% over the year in August.
- President Trump predicts energy prices will tumble after the midterm elections.
- Trump also blamed Democratic green energy programs for skyrocketing prices during the GOP midterm convention.