It's Not Just You-Paychecks Aren't Going as Far as They Used to -- WSJ

By Konrad Putzier

Surveys show that the cost of living is a top concern for voters, and it's not hard to see why: Inflation was at 3.7% in September, up from 2.4% in February and 2.9% in December 2024, just before Trump took office. Tariffs have pushed up the cost of some imported goods, although the impact has been smaller than many economists feared.

This year, inflation has surged largely because of the Iran war and rising oil prices. Rising prices at the pump are a particular pain for lower-income households, who tend to spend a bigger share of their income on fuel. Meanwhile, average wage growth for private-sector workers has come down. Prices have been growing faster than average pay for six consecutive months.

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October 31, 2026 08:00 ET (12:00 GMT)