With less than 20 days until the midterm elections, new data from the Department of Labor shows the price of gasoline is contributing to rising inflation and higher prices.
The numbers show the Consumer Price Index spiked over half a percentage point in just one month and is up 3.7% from a year ago. A 9.1% increase in the price of gas between August and September is driving those numbers as the ongoing war with Iran continues to put pressure on wallets.
Despite the higher prices, the Social Security Administration on Wednesday projected a 3.6% cost of living increase in benefits for 2027, meaning roughly $75 a month more for the nearly 72 million Americans receiving Social Security. However, some seniors worry even that increase might not be enough to offset higher prices.
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Republicans and President Trump have been forced to defend the higher prices on the campaign trail. In Arizona Wednesday, Trump pledged a swift end to the war with Iran.
"The prices are all coming down, but when this war ends — it's going to end very soon by the way, very soon," Trump said. "But when the war ends, the prices are going to — they should be much lower."
Despite a growing number of calls for the Trump Administration to end the war, it's not clear when the conflict will end, or how the president plans to bring it to a close. The war and higher costs are a major liability for Republicans in the final days of the midterm election campaign, with Democrats frequently invoking the issue of affordability — a top concern for voters — on the campaign trail.
