About 9 in 10 voters said cost of living was a crucial or major vote factor

Core prices rose 0.3%, above forecast; markets dipped, Treasury yields rose

The AP Voter Poll surveyed 100,000 voters. About two-thirds said they blamed Donald Trump’s policies for higher costs. About 9 in 10 said the cost of living was a “crucial” or “major” factor in their vote.

The Labor Department’s release supplied economic context for the poll results. The consumer price index rose 0.4% from September to October, down from 0.6% in the previous month. Core prices, which exclude the volatile food and energy categories, rose 0.3%, matching September. Both figures came in a tenth of a percentage point above forecasts.

The government did not publish a year-over-year inflation rate because the shutdown the previous year meant no data were released for October 2025. The October report therefore lacked an annual comparison.

U.S. markets dipped immediately after the inflation report, while Treasury yields ticked higher. The data showed inflation remaining noticeably above the Federal Reserve’s 2% target.

FRED’s year-over-year readings at the Nov. 10 vintage supplied supplementary context rather than a replacement for the official comparison. The CPIAUCSL series stood at about 3.72%, while PCEPI, identified as the Fed’s preferred inflation gauge, stood at about 3.65%. Both readings were above the Federal Reserve’s 2% target, but neither replaced the annual comparison missing from the Labor Department’s October release.

The Associated Press connected the higher-than-expected inflation result to the previous week’s midterm elections, saying rising prices powered sweeping Democratic victories. The AP said Americans’ struggles with high prices were evident as they ousted Republican majorities from the House and Senate.

With solid gains in both chambers, Democrats in Congress will soon face the challenge of how to address voters’ affordability concerns, the Associated Press said. The AP said high prices would continue to pose challenges for the White House and Federal Reserve.

President Donald Trump acknowledged voter anger over the Iran war and gas prices but had shown no sign yet of changing course, according to the Associated Press.