On Oct. 3, 2022, with the midterm elections less than five weeks away, the U.S. inflation rate had climbed to 8.3% under the Biden-Harris administration. Eventually, despite the passing of the Inflation Reduction Act earlier that year, inflation would skyrocket to 9.1%, its highest level since 1982.

On Oct. 3, 2026, with the midterm elections less than five weeks away, the U.S. inflation rate stands at 3.4% under the Trump administration. This comes one year and three months after the One Big Beautiful Bill Act was signed into law, which included making the Trump tax cuts permanent and eliminating taxes on tips for service workers and on Social Security.