Why inflation could be Biden’s downfall in swing state he’s eager to capture to get reelected

Inflation coming in hotter than expected in March poses a major problem for President Joe Biden, as residents of one swing state identified the topic as a major issue heading into November.

A report released on Wednesday by the Bureau of Labor Statistics revealed that inflation rose 3.5% in the year ending in March. North Carolinians will likely not be thrilled with the update.

A recent poll shows that 76% of registered North Carolina voters place inflation as a top priority for lawmakers in Washington, D.C. The survey finds Biden trailing former President Donald Trump by 3 percentage points, 42% to 45%.

In 2020, Trump won North Carolina by 1.4% of the vote, but Biden is hoping to declare victory this time around in the Tar Heel State, which hasn’t turned blue since Barack Obama’s election in 2008.

The latest report on inflation comes as trouble for the Biden administration, which has boosted that Bidenomics has led to a decline in inflation and growth in the labor market. 

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For two years, the Federal Reserve has worked to counteract inflation by raising inflation rates. And while core inflation has trended down; energy prices and food prices continue to be volatile. Shelter and gasoline prices accounted for over half of the monthly increase in overall inflation. 

The average rate on a 30-year fixed mortgage has risen from under 3% during Biden’s start in office to 7.1%. Meanwhile, grocery store food prices rose by 1.2% in March, and dining-out prices skyrocketed by 4.2% year over year.

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