A new poll showed that a significant number of voters rate inflation and U.S. economic decline as their top concern going into the November midterm elections.

A Politico-Morning Consult poll, published Wednesday, showed that 71 percent of voters are “very concerned” with inflation, up 5 percentage points since August. Another 42 percent said that economic issues such as taxes and jobs were their top issue when deciding who to vote for next month.

Overall, more than 90 percent of voters are worried about the U.S. economy and inflation, the poll revealed.

The consumer price index, a key metric that measures inflation, reached 8.2 percent in September—running near 40-year highs. Another metric, the producer price index, rose to 8.5 percent year-over-year.

More than 80 percent told Politico that the economy would play a significant role in deciding who to vote for. About 75 percent of Democrats and 90 percent of Republicans said it would play a major factor in their decision-making process come November.

The poll revealed that 70 percent of voters believe the United States is heading down the wrong track, continuing a trend of majority polled voters feeling that way for 38 consecutive weeks.

The poll also comes as CEOs and some organizations said that a recession may be on the horizon.

“Inflation may prove surprisingly persistent, prompting more aggressive tightening of monetary policy,” the Organization for Economic Cooperation and Development said in a recent report about the United States. “Further disturbances to global markets in response to the war in Ukraine or other factors could also have a substantial negative impact on real GDP growth and cause even higher inflation.”

The Fed has raised its benchmark policy rate from the near-zero level at the beginning of this year to the current range of 3.00 percent to 3.25 percent and has warned of pain ahead for the U.S. economy as it tries to bring inflation back down to its 2 percent goal without causing a recession. The Fed’s preferred measure of inflation is more than three times that target.

In its report, the OECD noted that inflation is posing “significant challenges” in the United States, given that it has broadened in scope from goods to services, keeping the Fed on an aggressive tightening path for now. “Nonetheless, considerable flexibility is warranted and policy deliberations will benefit from careful monitoring of the impact,” of the global factors driving up inflation, the OECD said, as well as “the tightening of financial conditions on the economy.”

Also, a recent survey of CEOs showed that 98 percent believed a recession would occur in the coming 12 to 18 months.

Reuters contributed to this report.

Jack Phillips

Breaking News Reporter


Jack Phillips is a breaking news reporter at The Epoch Times based in New York.

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