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Food isn’t emerging as fast anymore, but food inflation is still a top factor for voters, polls show.
By Madeleine Ngo
Report from Washington
One central issue has plagued Biden’s leadership for most of his term: sharply rising food prices.
Polls have consistently shown that inflation remains the top fear of voters, who have noted cuts to their budgets. A YouGov poll released last month found that 64 percent of Americans considered inflation to be a “very serious problem. ” And when it comes to inflation, several surveys recommend that Americans be more involved with food prices.
Despite the doom and gloom surrounding food values, food value increases have been declining for months. On Wednesday, new data on July inflation will show whether the trend has continued.
Economists surveyed by Bloomberg estimate that headline inflation likely rose 3% from a year ago, matching the 3% increase in June. This type of reading would likely keep Federal Reserve officials on track to cut interest rates in September. Recently, countries that have been shaken by symptoms of economic slowdown have noted rate cuts as a threat to markets.
Some voters blamed President Biden for the emerging charges, pointing out that food costs have skyrocketed over the past four years. Former President Donald J. Trump, when accepting the Republican nomination last month, pointed to the charge of buying food and said it would “make America again. “
In the year through June, food costs rose 1. 1%, a significant slowdown from the recent peak of 13. 5% in August 2022. Many consumers may not be relieved, as total food costs have not yet come down and have continued to rise. albeit at a slower pace. Compared to 4 years ago, food costs have increased by approximately 20%.
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