Politics · United States · 7 hrs ago
High prices put the US economy in focus ahead of midterms
US voters are facing higher prices as midterm elections approach.
President Donald Trump has said the economy is booming and that the country does not have inflation.
Recent data shows inflation has risen again, after falling to 2.3% in April 2025 and reaching 4.2% in May 2026.
Gas prices are a major strain for households: the US average was $4.32 a gallon in mid-October, nearly $1.30 higher than a year earlier.
The Iran war and the closure of the Strait of Hormuz, a key route for global oil, have helped push prices up.
Many Americans say the economy feels difficult, with nearly two-thirds of those polled saying they believe the country is in a recession.
CNN also spoke with Republican Representative Pete Sessions of Texas about the economy and the coming election after Trump downplayed fuel costs; the midterms are approaching.
US inflation and gasoline prices have risen, contrasting with President Donald Trump’s claim that the country has no inflation.
Inflation reached 4.2% in May 2026 and has remained above 3.4%, according to the Guardian.
The average US gas price was $4.32 per gallon in mid-October, nearly $1.30 higher than a year earlier.
A Guardian-Harris poll found that 83% of respondents said gas prices were affecting their finances.
The Guardian also reported that the job market had been largely stagnant and borrowing had become more expensive.
- Who
- President Donald Trump made the claim that the US has no inflation. Americans are facing higher prices.
- What
- Inflation and gas prices have risen, despite Trump’s claim. Poll respondents identified gas prices as a strain on their finances.
- When
- The articles were published on October 26, 2026. The Guardian reported inflation data through May 2026 and gas prices from mid-October.
- Where
- The United States.
- Why
- The Guardian linked rising inflation to the Iran war’s effect on oil prices. It said the closure of the Strait of Hormuz pushed prices up worldwide.
Donald Trump
Economic data and surveyed Americans
Inflation
Donald Trump
Trump said, “We don’t have inflation.
Economic data and surveyed Americans
The Guardian reported inflation reached 4.2% in May 2026 and remained above 3.4%.
Economic conditions
Donald Trump
Trump described the economy as booming and said, “We’re richer now.
Economic data and surveyed Americans
The Guardian reported higher prices, a stagnant job market and more expensive borrowing; its poll found many Americans disagreed with Trump’s assessment.
US inflation peaked at 9.1%, a 40-year high, according to the Guardian.
Inflation was 3% when Trump began his second term.
Inflation had climbed back to 3% after Trump placed tariffs on imports, according to the Guardian.
Inflation was back down to 2.4%.
Inflation reached 4.2%, which the Guardian linked to the Iran war’s effect on oil prices.
The average US gas price was $4.32 per gallon, according to AAA.
- US inflation, May 2026
- 4.2%
- Average US gas price, mid-October
- $4.32 per gallon
- Gas price increase over a year
- Nearly $1.30 per gallon
- Poll respondents affected by gas prices
- 83%
- Texas gas price, article date
- $3.81 per gallon, compared with $2.64 a year earlier
- California gas price, article date
- $6.21 per gallon
3 sources
What people are saying
We don’t have inflation.
We’re richer now.