Trump’s midterm nightmare deepens as inflation surges and gas prices skyrocket across America

Price hikes across the US economy only worsened in September, deepening the threat to the Congressional Republicans and President Donald Trump ahead of the November midterm elections.

Consumer prices accelerated amid a surge in gasoline costs, as the Bureau of Labor Statistics (BLS) reported that consumer prices rose by 0.6 percent last month after climbing 0.4 percent in August.

In the 12 months to ​September, the annualized Consumer Price Index (CPI) rose to 3.7 percent, higher than the 3.4 percent annual advance in August.

The report comes after further deterioration in consumer sentiment in separate surveys earlier this month – plus a plunge in ​President Trump’s approval rating, driven by angst over the rising cost of living.

‘For ordinary Americans, this report is nothing to celebrate. Prices are rising, and borrowing will soon get even more expensive,’ Nic Puckrin, markets expert and former Goldman Sachs analyst, told the Daily Mail.

The dire inflation data drops exactly two weeks to the day ahead of the next interest rate decision out of the Federal Reserve, and experts say this makes it even more likely that the nation’s central bank will hike again.

And that looming decision comes amid surging mortgage rates, as the cost of a 30-year fixed mortgage blew right through 7 percent earlier this month and notched a reading of 7.48 percent – worsening home affordability for Americans.

A recent Reuters/Ipsos poll showed about 78 percent of Americans blamed Trump’s policies, ​including tariffs on imports and the US-Israeli war with Iran, for rising prices, which are outpacing wages.