# Inflation Hits Multi-Year Highs After Midterms—Who's to Blame?

- URL: https://twotakes.us/stories/inflation-hits-multi-year-highs-after-midtermswhos-to-blame
- Published: 2026-11-14T20:03:24.480134+00:00
- Topics: inflation, economy, federal-reserve, tariffs, cost-of-living

## What the left says
- The Iran war, tariffs, and corporate pricing power are driving costs higher, not any policy failure by the incoming Democratic majority, who have had no time to act on affordability promises made just over a week ago.
- Core inflation excluding food and energy is broadening across services like medical care, insurance, and car insurance, showing this is a structural problem built over years rather than something tied to any single recent event.
- Wages have now failed to keep pace with prices for three straight months, meaning working families are losing ground even with a strong labor market, which validates the economic anxiety that fueled midterm losses for Republicans.
- Voters delivered a clear verdict on affordability during the midterms, and the exit polling showing nearly nine in ten voters cited cost of living as decisive reflects years of frustration under the prior administration's handling of inflation.

## What the right says
- Producer prices surged to 6.5%, the highest since late 2022, signaling that businesses are absorbing cost increases now that will inevitably be passed on to consumers in the months ahead.
- A Chicago Fed official acknowledges inflation has stayed above the 2% target for nearly six years with no real progress lately, undercutting any narrative that this is a brief or externally caused spike.
- Tariff policy and the costs of the Iran conflict are legitimate contributors, but persistent core inflation excluding food and energy suggests deeper, longer-running price pressures predate any single recent policy or event.
- The Federal Reserve now faces pressure to consider a larger-than-usual rate hike in December, which signals how serious policymakers view the inflation threat heading into next year.

## Common ground
- The Producer Price Index rose 6.5% year-over-year, the highest rate since November 2022.
- Consumer Price Index inflation reached approximately 4% annually, with core inflation (excluding food and energy) at about 2.8%.
- Wage growth has not kept pace with inflation for three consecutive months, reducing real purchasing power for workers.
- Nearly nine in ten voters identified the cost of living as a crucial or major factor in the recent midterm elections.
- The Federal Reserve's December 8-9 policy meeting will be a critical moment for determining the path of interest rates.

## Sources
- [Daily Caller](https://dailycaller.com/2026/11/13/prices-are-sky-high-and-consumers-suffer-inflationppi-cpi-inflation) (Right)
- [Axios](https://www.axios.com/2026/11/10/inflation-cpi-interest-rates) (Lean Left)
- [Axios](https://www.axios.com/2026/11/10/cpi-october-inflation-fed) (Lean Left)
- [Axios](https://www.axios.com/2026/11/10/calley-means-white-house-maha-fight) (Lean Left)
- [Forbes](https://www.forbes.com/sites/zacharyfolk/2026/11/10/interest-rate-hike-odds-rise-after-october-inflation-exceeded-economists-expectations/) (Lean Right)
- [Forbes](https://www.forbes.com/sites/fionariley/2026/11/06/october-saw-better-than-expected-job-growth-but-339000-more-people-are-working-part-time-who-wanted-full-time-roles/) (Lean Right)
- [The Economist](https://www.economist.com/united-states/2026/11/10/american-workers-face-a-surge-in-health-costs) (Lean Right)

---
Content by TwoTakes (https://twotakes.us). You may quote, summarize and cite it, including in AI answers, as long as you credit TwoTakes and link the story URL. Original reporting belongs to the linked outlets. Summaries are AI-assisted and reviewed for balance; check the original sources for authoritative reporting.