In the midterm elections, voters are more concerned about rising prices than about abortion, crime, and defending democracy. Prices in September were up 8.2% from a year ago.
Other factors have undoubtedly contributed to high inflation, including the lingering effects of the pandemic and Russia's invasion of Ukraine. Inflation has been even higher in the Eurozone and the United Kingdom than in the U.S., largely as a result of soaring energy costs tied to the Ukraine war.
For much of last year, the Federal Reserve believed that prices would cool off on their own, once supply chain snarls caused by the pandemic came untangled. But inflation proved to be higher and more stubborn than the central bank expected. This spring, the Fed began raising interest rates in an effort to tamp down demand and bring prices under control.for anyone trying to buy a house or a car or carrying a balance on a credit card.
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