Inflation eased in July, but voters still rank prices No. 1

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(The Center Square) – Inflation cooled slightly in July, federal data showed Wednesday, but a run of national polls found voters still rate the economy poor and say rising prices are their top concern.

In an Economist/YouGov poll conducted Aug. 7-10, 75% of adults called the economy fair or poor and named inflation their most important issue by more than double jobs and the economy.

In several polls, President Donald Trump's marks on the economy and inflation trailed his overall job approval. Ipsos found 22% approved of his handling of inflation and 23% of the cost of living, against 35% overall; Marquette put his inflation approval at 24% and economy at 30%, below his 40% overall.

A Marquette Law School poll conducted July 22-29 went further: 61% said they expect Trump's policy proposals to increase inflation, while 21% expected a decrease and 18% said they would have no effect.

Consumer prices rose 3.4% over the 12 months ending in July, down from 3.5% a month earlier, the Bureau of Labor Statistics said. Gasoline fell 2.9% for the month and food-at-home prices slipped 0.1%.

Some goods kept climbing. Apparel rose 3.9% over the year and household furnishings 2.2%, categories economists watch for tariff effects, though the government's data does not attribute price changes to any single cause.

Phillip Magness, an economist at the libertarian Independent Institute, has said that tariffs function as a tax that filters into consumer prices, and that the administration has not published its own estimate of that cost to households.

White House spokesman Kush Desai said the July report was "further proof that President Trump's long-term agenda is delivering," citing falling prescription drug and auto insurance costs and cooling beef prices. He said core inflation was "near the Fed's two-percent target rate" despite "temporary disruptions stemming from Iran."

Desai did not address whether the administration has estimated the tariffs' cost to the average household, the question posed in a request for comment.

The economy is shaping the midterm landscape. Ipsos found cost of living was the top factor in voters' congressional choice, cited by 48% of adults, ahead of every other issue tested.

For now, the numbers and the mood point in different directions: prices are climbing more slowly, but the voters who have felt the squeeze for years are not yet convinced.

The Economist/YouGov poll was conducted Aug. 7-10, 2026. Ipsos surveyed 4,505 adults July 29-Aug. 3. The Marquette Law School poll surveyed 1,076 adults July 22-29, with a margin of error of ±3.2 percentage points.