BUSINESS & ECONOMY

Ahead of the election, voters are very worried about inflation

Nov 4, 2024, 10:23 AM

FILE - This combination of photos shows Republican presidential nominee former President Donald Tru...

FILE - This combination of photos shows Republican presidential nominee former President Donald Trump, left, and Democratic presidential nominee Vice President Kamala Harris during an ABC News presidential debate at the National Constitution Center, Tuesday, Sept. 10, 2024, in Philadelphia. (AP Photo/Alex Brandon, File)
Credit: ASSOCIATED PRESS

(AP Photo/Alex Brandon, File)

SALT LAKE CITY — Inflation is one of the biggest issues voters say is on their minds this election.

According to the American Family Survey, the majority of people are “very worried” about inflation, no other economic issue even comes close.

Zions Bank Chief Economist Robert Spendlove said the president doesn’t have a big direct influence on inflation. Instead, it’s driven by consumers and the business sector.

“Free market prices are set by the supply of goods and services relative to the demand for those goods and services,” Spendlove said.

However, the next president can create policies that could help with inflation.

Regardless, Spendlove said our inflation is actually in the normal range- it just doesn’t feel like it.

According to Spendlvoe, inflation has calmed down, and in our minds that means prices will go back to pre-pandemic levels. However, that’s not how inflation works.

“A lot of those main components of inflation are back to normal, even though the prices are higher,” he said. “Those prices aren’t going to come down again.”

He said we still have sticker shock from when inflation hit its peak in 2022.

“We were hit by that inflation. It’s been really difficult,” he said. “Income, holistically, hasn’t kept up with that inflation. And that’s the problem, the economy needs time to heal and we’re still going through that healing process.”

Spendlove believes the nation’s economy is starting to normalize.

Britt Johnson is a reporter and anchor for KSL NewsRadio.

Related: When polls close in battleground states on Election Day

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business & Economy

The U.S. Capitol is seen, Saturday, Feb. 1, 2025, in Washington. (AP Photo/Carolyn Kaster)...

Allessandra Harris Gurr

Privilege tax may be added to the Point of the Mountain

A proposed bill may bring a privilege tax to the Point of the Mountain development.

1 minute ago

Hiring sign is displayed at a health service center in Chicago, Tuesday, Jan. 21, 2025....

Paul Wiseman, Associated Press

US employers added just 143,000 jobs last month, jobless rate slips to 4% to start the year

WASHINGTON (AP) — U.S. employers added just 143,000 jobs last month, but the jobless rate slipped to 4% to start 2025 and the government revised November and December payrolls higher. The first job report of Donald Trump’s second presidency suggested that he inherited a labor market that is solid but unspectacular. Economists had expected about […]

3 days ago

FILE - A Chevron logo is shown at a gas station in San Francisco, Oct. 23, 2023. Gas prices in Utah...

Alton Barnhart

Utah gas prices increased by two cents amid tariff concerns

Utah gas prices have ticked up from last week due to the threat of tariffs, according to the Energy Information Administration. 

3 days ago

FILE - U.S. President Donald Trump, left, and Canadian Prime Minister Justin Trudeau talk prior to ...

Mariah Maynes

How will Trump tariffs impact consumers? It depends, but here are estimates

Economists agree that Trump tariffs could have consequences for the economy and American wallets.

5 days ago

The Food Justice Coalition cleared its calendar on Monday to support the nationwide protest of Pres...

Shelby Lofton, KSL TV

Salt Lake businesses, organizations feel impact of ‘Day Without Immigrants’ closures

Businesses cleared their calendars to support the nationwide protest of President Trump’s crackdown on undocumented immigrants in the country.

5 days ago

This image shows a chicken coop and garden at the home of Sarah Penny in Knoxville, Tenn., in May 2...

Associated Press

Soaring egg prices are piquing interest in backyard chickens

Thinking about backyard chickens as egg prices soar? Think hard, especially in light of the bird flu outbreak.

6 days ago

Sponsored Articles

Full speed through the snow. A man on skis is pulled by his through the snow at full gallop Skijori...

Bear Lake Convention and Visitors Bureau

Get ready for an unforgettable skijoring adventure in Bear Lake!

“Skijoring the Bear” takes place this year on February 21-22 in Garden City, Utah.

the bedroom in a geodesic dome shows the night sky...

Clear Sky Resorts Bryce Canyon

Your front row to an extraordinary cosmos show

As America's first glass dome stargazing resort, Clear Sky Resorts Bryce Canyon is one of the world’s most unique and spectacular places to stay.

2 people huddled up in a blanket and warm clothes sipping hot chocolate...

Bear Lake Convention & Visitors Bureau

The best ways to spend your Christmas vacation in Bear Lake

If you're dreaming of a white Christmas this year, Bear Lake should definitely be on your radar. Read this guide for more!

big crowd of people under holiday lights in an outdoor market...

Western Nut

Our favorite family Christmas activities in Utah

We gathered up a list of our favorite activities, movies, and treats to try this holiday season that the whole family can enjoy.

an IT tech looks at a laptop in front of a server network...

Comcast Business

Tips to protect yourself from phishing attacks

Check out this resource from Comcast Business to learn more about phishing attacks and how to protect yourself from becoming a victim of one.

A surprise gift, wrapped and ready to bring holiday cheer! Whether for Christmas, a birthday, or an...

Western Nut

10 Holiday Gift Ideas to cover everyone on your list

This guide is for you if you need holiday gift ideas that will make a lasting impression. 

Ahead of the election, voters are very worried about inflation