by Kathryn Watson
CBS News
Inflation is consistently a top issue ahead of the 2024 presidential election — in CBS News’ polling in mid-August, 76% of registered voters said it was a major factor in their choice for president — and they want to know how nominees Donald Trump and Kamala Harris would address it.
Inflation — the rate of an increase in the price of goods and services over time — has hollowed out many voters’ wallets and made it tougher for Americans to save. According to the Federal Reserve, inflation averaged 1.9% a year from 2017 to 2021 when Trump was president.
Though inflation recently cooled to a three-year low of 2.5%, it’s on track to average 5% a year during the Biden administration.