Days before the midterm elections, many voters are asking the same question about why everything costs so much.
The cost of living has become a defining issue of the Nov. 3 midterm elections, with both parties blaming the other for higher prices.
What happened to inflation under Joe Biden?
Inflation surged during the Biden administration as the economy reopened from the pandemic, supply chains tangled and energy prices jumped after Russia invaded Ukraine. Consumer prices rose 9.1% from a year earlier in June 2022, the fastest pace in about 40 years.
Inflation cooled in the following years, and the annual rate was about 3% when Biden left office in January 2025. But the cost of living remained well above where it was before the pandemic, a frustration that helped Republicans win the White House and Congress.
What has happened under Donald Trump?
Trump campaigned in 2024 on bringing down prices. Early this year, annual consumer inflation had eased to 2.4%, closer to the Federal Reserve’s target of 2%, though some underlying measures remained near 3%. The White House pointed to cooling inflation late last year as a sign its policies were working.
That changed after the war with Iran began in late February. Fighting disrupted shipping through the Strait of Hormuz and drove up global energy prices. The national average for gas topped $4 a gallon for the first time since 2022, and consumer inflation climbed to 3.7% in September. The Energy Department has warned that pump prices may not return to prewar levels until late next year.
Tariffs have also added to the cost of living. Trump’s import taxes raised prices on some imported food and farming supplies, and retaliatory tariffs from trading partners have squeezed farm budgets, according to news reports.
Who do voters blame for the cost of living?
Polling shows a growing share of Republican voters blame Trump for high prices, and 47% of Republicans in one survey said they expect tariffs to make inflation worse.
Trump has blamed record inflation under Biden and has at times dismissed affordability concerns as a Democratic hoax, while also saying the midterms will be about prices. Many Republicans argue the recent spike in gas costs is temporary.
Democrats have run ads in their top target House districts blaming Republicans for higher gas prices and tying the war to their broader message on the cost of living. Some polls have shown Democrats with an edge on affordability, a reversal from 2024.
What are the parties proposing?
Democrats have floated suspending gas taxes, capping rents, negotiating lower drug prices and creating universal child care. Some have also blamed data centers that use huge amounts of electricity for rising utility bills.
Republicans have favored tax credits and cutting regulations to boost energy production, and some point to policies in Democratic states as the reason for high costs.
How does the cost of living differ in red and blue states?
Many states led by Democrats, such as California, New York and Massachusetts, have higher costs, driven mostly by housing. Many states led by Republicans, especially in the South and Midwest, have lower living costs.
Wages also tend to be higher in many expensive states, which can offset some of the difference, so cost of living comparisons depend on what households earn as well as what they pay.
Economists note that presidents have limited control over prices, which are shaped by global events, the Federal Reserve and the broader economy. Both parties’ records reflect a mix of policy choices and forces beyond their control.
Still, voters often judge the party in power by the cost of living, and that could shape the outcome on Nov. 3.
