Concerns about inflation are reducing President Joe Biden's chances of winning reelection, with most voters citing high prices as a major financial challenge, according to a new poll for the Financial Times.
Joe Biden's Reelection Chances Damped by Growing Inflation Fears
The latest Financial Times-Michigan Ross poll released Sunday shows that 80% of voters believe that high prices are now one of the biggest financial challenges.
The poll also reveals growing unease among voters regarding Joe Biden's economic policies. A majority of 58% now disapprove of his handling of the economy, up from 55% last month.
The latest poll also shows that only 40% of respondents expressed approval of his handling of the economy, and only 28% believe Biden has positively impacted the economy, down four points from the previous month.
According to the Financial Times, voters blame the president for higher gasoline and food prices and do not credit him for a booming US economy and strong jobs market.
The upcoming release of the consumer price index numbers is expected to provide further insights into inflation trends, following recent data showing rising prices.
Read also: Joe Biden Keeps Donald Trump's China Tariffs Despite Clashing on Many Policy Issues: Here's Why
Inflation Concerns Contribute to Decline in Consumer Sentiment
Concerns about rising inflation have contributed to a decline in consumer sentiment, as shown by the University of Michigan's sentiment index for May.
According to CNBC, the latest index posted a 67.4 initial reading for the month, down from 77.2 in April and the lowest level since November. Inflation is currently above the Federal Reserve's 2% target, but it has tempered expectations for interest rate cuts soon.
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