Anthony Chan, a former chief economist at JPMorgan Chase, was responding to Kamala Harris saying that lowering prices would be her “first day in office priority,” even though she’s already in office.
As Democrats gather in Chicago for their national convention, the Windy City continues to struggle with inflation significantly higher than the national average.
The Labor Department said last month that the consumer price index, a broad gauge of the prices of everyday items such as gasoline, groceries and rent, rose 0.2% in July, remaining up 2.9% from the same period a year earlier.
But inflation is growing at a much faster pace in certain parts of the country, including Chicago.
Consumer prices Chicago’s unemployment rate rose 0.6% in July from the previous month, three times the national average, and was up 3.7% from the same month a year ago, the second-highest annual unemployment rate ever recorded by a U.S. city.
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Only New York and Dallas, with inflation rates of 4.1 percent each, beat Chicago to the top spot.
Other cities also saw inflation well above the national average, with prices rising 3.7% in Washington and 3.5% in San Diego, Minneapolis and Boston.
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The state of the economy, and inflation, have consistently ranked as a top priority for voters: In a recent Bankrate survey, roughly 89% of voters said the handling of the economy was very or somewhat important in deciding who to vote for in the next election.
Democrats kicked off the first day of their convention on Monday with a host of high-profile speakers. President BidenIn his speech, Biden praised recent progress on inflation, saying, “Inflation has come down significantly and continues to stay down.”
People walk outside the United Center ahead of the Democratic National Convention on August 17, 2024 in Chicago. (Photo by ROBYN BECK/AFP via Getty Images / Getty Images)
Under Biden, inflation has soared to its highest level in 40 years, with prices of basic necessities like rent, groceries and gasoline soaring. Federal Reserve System Raising interest rates to their highest level in 20 years. Rising interest rates have other downstream effects, pushing mortgage rates above 8% for the first time in decades and making it much harder for businesses to get credit.
Although inflation has fallen significantly from a peak of 9.1% and the Federal Reserve is poised to cut interest rates this fall, many Americans still don’t feel any real relief.
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Food prices rise 21%% Since the start of 2021, housing costs have risen 21.6%.%Energy prices are up 32%, according to FOX Business calculations.%. Price Increase This is especially devastating for low-income Americans, who tend to spend much of their already stretched paychecks on necessities. Save money.
