American consumers have seen prices increase by 22% under the Biden Administration.
In a recent survey by the Pew Research Center, consumer prices have significantly risen between January 2020 and August 2024. Worse, 74% of Americans say they are very concerned about the price of food and consumer goods, and 69% are similarly concerned about housing costs. Many have said inflation is a major factor in how they will vote in the Nov. 5 election.
The Pew Research Center is a Washington, D.C.-based nonprofit that conducts public opinion polling, demographic research, content analysis and other data-driven social science research.
Prices have risen the most in Florida, Georgia, Arizona, Washington, Texas, the Mid Atlantic states, Alaska, New Hampshire and California.
The survey also found four in 10 Americans say they are very concerned about people seeking work being unable to find jobs. That is 9 points higher than in January 2024 and 13 points higher than in April 2023.
Republicans are more likely than Democrats to say they are very concerned about prices for food and consumer goods (85% vs. 64%). The gap is narrower in concerns over housing costs (72% of Republicans, 66% of Democrats).
Mortgage interest rates have risen over five percentage points since bottoming out in January 2021 at 2.65%, peaking at 7.79% in October 2023, according to the Consumer Financial Protection Bureau.
The average price of regular gas in the U.S. is $3.19 per gallon compared to $2.17 in 2020, according to AAA.
Audrey Carpenter is the Loudoun County Bureau Chief for All Virginia News. She can be reached at: audreycarpenter@allvirginia.news
