# Affordability Is the Issue on Election Day: Inflation at 3.7%, Gasoline Up 34% From a Year Ago, and Economists Say Prices Won't Return to Old Levels

Fox Business lays out the numbers voters carry to the polls: 74% rate the economy negatively in a Fox News survey, and September CPI rose 3.7%. Two economists tie the mood to gas prices, the Iran war and tariffs.

- Section: [Economy](https://rightnewsrightnow.com/economy/)
- Published: 2026-11-03
- By: RightNewsRightNow Staff
- Canonical page: https://rightnewsrightnow.com/articles/affordability-center-stage-midterm-voters-inflation-37-fox-business/

Cost of living is the economic question of this Election Day, Fox Business reports.

The polling. A Fox News survey taken Oct. 9 to 12 found six in 10 voters named the cost of living as their top economic concern. A 74% majority rated the economy negatively and 53% expect it to worsen next year. Just 18% said their family is better off than two years ago.

The prices. The latest consumer price index showed inflation up 3.7% over the year in September, well above the Federal Reserve's 2% target. Fox says gasoline drove it: prices rose 9.1% in the month and sit 34.2% higher than a year ago. Fox notes inflation was as low as 2.3% in 2025 and began 2026 at 2.4%.

The Iran factor. Ben Lieberman of the Competitive Enterprise Institute told Fox Business that gas is the price people see to the tenth of a cent, so it weighs heavily on how they feel. "Had it not been for the Iran war, I think the perception would be a lot better because gasoline prices would be lower," he said. Fox also cites an economist's estimate that the war has cost households $860 more in energy prices.

No refund on old inflation. Lieberman said the pandemic-era spike, a 9.1% peak in June 2022, has eased but prices will not fall back: "We don't get a refund on that. Prices don't go back to where they were, it's like a new plateau."

The political risk for Republicans. Olivia Mitchell of the Wharton School told Fox Business affordability is a challenge for Republicans who campaigned on lowering prices. She said "the tariffs are definitely making much of what we consume much more expensive," and that households also face high mortgage, auto-loan and credit-card costs. Fox adds that Democrats have called the president's record on inflation "a total failure" while the White House points to economic growth.

What we could not check. The survey figures come from Fox News's own poll and we did not see its full results. The $860 estimate is one economist's and we did not review the method. How much of the inflation rise comes from the war, and how much from tariffs or other causes, is argued by the two experts and not settled in the report.

## Source

Original reporting: [Fox Business](https://www.foxbusiness.com/economy/affordability-takes-center-stage-americans-cast-ballots-high-stakes-midterms)