Inflation Erodes Pay Gains, Darkening Voter Mood Before Midterms

New government data shows prices and average hourly pay have both risen about 5.4 percent since January 2025, leaving workers with no real gain in buying power. Inflation has also been outpacing pay for roughly six months. The Bureau of Labor Statistics figures, released Wednesday, cover January 2025 through September 2026. In September alone, inflation-adjusted average hourly earnings fell 0.5 percent from August, driven by higher energy prices. The data helps explain voter gloom ahead of the November 3 midterms. President Trump promised to lower prices, but costs have jumped since U.S. strikes on Iran. The White House says its pro-growth agenda has boosted wages and jobs.