It is a reality that we suffer every day: the prices of food, gasoline, and housing seem to be in a race of expenses.
Although the annual inflation rate in the United States has cooled and the consumer price index for July shows an increase of 2.9%, the lowest since March 2021, few economists expect a reduction in supermarket prices.
The most we can hope for is that those prices do not increase at the same rate, but not that they fall. And food prices are still a quarter higher than before the COVID-19 pandemic.
And while there are domestic reasons, such as the inflationary effect of economic aid programs during the pandemic, there are global factors, such as the war in Ukraine, one of the world’s largest producers of wheat, that have affected supply chains and the price of basic consumption.
That’s why, for most voters, inflation is personal. Abstract economic terms like Gross Domestic Product (GDP) growth are alien, but inflation hits close to home.
For families living paycheck to paycheck, even a modest increase in prices can make it difficult to access basic needs. These rising costs have disproportionately affected low-income households, communities of color, and younger Americans.
This makes inflation not only an everyday consumption problem, but also a source of anxiety about economic stability and the future.
It’s a reality that especially affects our Hispanic community. A recent survey by UnidosUS confirms this: “Four of the top five priorities of Hispanic voters continue to be driven by pocketbook issues: Inflation/cost of living, wages, housing, and health care costs,” the study says.
What’s more, the rising cost of housing made it into the top five for the first time in 2023 and is now a top issue in every state. Immigration and gun crime/violence tied for the number five spot on top priorities
With just a few weeks until the election, voters expect candidates to address the economic challenges that affect them on a daily basis.
Candidates who can effectively communicate how they plan to restore purchasing power will likely win voters’ favor. Conversely, those who downplay the impact of inflation risk appearing oblivious to the struggles facing ordinary Americans.
And in key states, where elections are decided by razor-thin margins, inflation could be the key to the outcome on November 5.
