Most Americans Think Inflation Is Higher Than It Really Is: Poll

Most Americans believe inflation is currently higher than it really is, according to a new poll. A disconnect between economic perceptions and reality that could hamper Vice President Kamala Harris’ chances of election victory.

Inflation was 2.9 percent in July, according to data released by the Bureau of Labor Statistics on August 14. A report published by YouGov on Wednesday found that whilst 31 percent of respondents said inflation was between two and four percent, two thirds believe this figure to be higher.

Eleven percent of respondents believed the current inflation figure to be greater than 16 percent. The U.S. inflation rate hasn’t been close to 16 percent since 1980, when it reached 14.8 percent. The highest recorded inflation rate was 23.7 percent in June 1920.

Inflation and the economy have consistently been shown to be the top issue for voters ahead of November’s presidential election.

In a separate YouGov poll conducted earlier in August, almost a quarter of respondents said inflation/prices was “the most” important issue, followed by 13 percent who said this was jobs and the economy.

These findings could pose difficult questions for Harris as she seeks to beat former President Donald Trump in the race to the White House.

“U.S. elections are won and lost on the economy – and the perceived impact of each party on Jo and Jess America’s wallet,” Mark Shanahan, a politics lecturer based in the U.K. told Newsweek.

“The U.S. economy is doing well in global terms, and Biden’s fight to bring down inflation is slowly paying off,” he said. “But combating inflation doesn’t actually bring down prices – and while consumers feel they’re paying too much at the pump or the store, it gives Trump an opportunity to score points.”

“The Republicans can attack in broad terms. Harris and Walz actually have to show how they’ll combat price gouging, make medicines affordable and generally cut the cost of living.

“However good the economy at macro level, if they can’t show positive impact on individuals, the Democrats will be leaving the goal wide open for GOP attacks to land,” he added.

“Inflation is a key issue in the election despite other economic indicators being generally strong,” said Iwan Morgan, Emeritus Professor of United States Studies at University College London.

“High food and gas prices hit the pockets of many Americans who question whether inflation has been brought under control,” he said. “This is an issue that could damage Harris’ poll prospects unless she finds a way of reassuring people of future economic improvement.”

Newsweek has contacted the Harris campaign for comment via email outside of standard working hours.

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