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Inflation is consistently a top issue ahead of the 2024 presidential election — in CBS News’ polling in mid-August, 76% of registered voters said it was a major factor in their choice for president — and they want to know how nominees Donald Trump and Kamala Harris would address it.Inflation — the rate of an increase in the price of goods and services over time — has hollowed out many voters’ wallets and made it tougher for Americans to save. According to the Federal Reserve, inflation averaged 1.9% a year from 2017 to 2021 when Trump was president. Though inflation recently cooled to a three-year low of 2.5%, it’s on track to average 5% a year during the Biden administration.
Now, Americans shopping for housing must have an annual income of $106,500 in order to comfortably afford a typical home in the U.S., a sharp increase over the $59,000 they would have needed when Trump was president, thanks to rising home prices and high interest rates. The price of groceries also went up during Mr. Biden’s first three years in office, increasing by 20% over that period.
Inflation poses a challenge politically, too, because once prices go up, they rarely come down again. The International Monetary Fund explains, “Although high inflation hurts an economy, deflation, or falling prices, is not desirable either. When prices are fallin …
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