Lowering energy costs by boosting domestic production has been central to Trump’s strategy on inflation and affordability.
President Donald Trump said he expects the 2026 midterm elections to hinge on prices and perceptions of economic progress, betting that easing inflation, lower energy costs, and rising wages will be key to persuading voters to keep Republicans in control of Congress.
“I think it’s going to be about the success of our country. It’ll be about pricing,” Trump told Politico in a Dec. 26 interview. “Because … they gave us high pricing, and we’re bringing it down. Energy’s way down. Gasoline is way down.”
Trump’s comments come as the White House intensifies its affordability message following a string of economic reports showing inflation cooling and growth exceeding expectations.
The president and members of his administration have said that easing price pressures—particularly for energy and prescription drugs—are beginning to deliver tangible relief after years of elevated costs.
Inflation Cools, But Affordability Still a Political Risk
Recent inflation data bolsters Trump’s case that cost-of-living pressures have eased. In November, the annual inflation rate fell to 2.7 percent, well below the market consensus of 3.1 percent. Twelve-month core inflation, which excludes food and energy prices, slowed to 2.6 percent, the lowest level since March 2021.
Still, polling shows that affordability remains top of mind for voters, suggesting that inflation—which hit a recent peak of 9 percent in 2022 during the Biden administration—remains a vulnerability for Republicans heading into the 2026 midterms.
A recent survey conducted by NPR, PBS News, and Marist found that 70 percent of respondents said the cost of living is not very affordable or not affordable at all—the highest proportion of Americans expressing this view since 2011. Democrats have seized on that sentiment in recent off-year elections, where they outperformed expectations in several contests.
Trump has placed blame for high prices on the previous administration. In a Dec. 17 primetime address, he said that the term “affordability” only entered the political conversation after prices surged under his predecessor President Joe Biden.
“When I took office, inflation was the worst in 48 years, and some would say in the history of our country, which caused prices to be higher than ever before, making life unaffordable for millions and millions of Americans,” Trump said.
“This happened during a Democrat administration, and it’s when we first began hearing the word ‘affordability.’”
Energy and Drug Prices Part of Midterm Strategy
In his interview with Politico, Trump highlighted his energy policies, which he says have been central to bringing down inflation.
“Electricity is down. It’s way down,” the president said, adding that when gasoline and oil prices come down, electricity costs also tend to come down. “It’s all coming down. It’s coming beautifully.”
Lowering energy costs by boosting domestic production has been central to Trump’s strategy on inflation and affordability.
By Tom Ozimek
