High food and rent prices are the main factors contributing to voters' negative economic outlook, according to Yellen.

• Janet Yellen, the Treasury Secretary, highlighted the rise in food and rent prices compared to pre-pandemic levels as a significant contributor to Americans' negative views of the economy.
• While we're making significant strides in reducing inflation, Americans are noticing an increase in prices compared to what they were previously used to.
• The gap between the White House's perception of "considerable progress" and voters' experiences could significantly impact President Joe Biden's reelection.

Janet Yellen, the Treasury Secretary, highlighted the rise in food and rent prices as a significant contributor to Americans' negative views of the economy.

Despite a slowdown in overall price increases, Americans are still noticing significant price hikes, particularly in food, since before the pandemic. This is a concern for shoppers, as Yellen stated on CNBC's Squawk Box Monday.

Despite a decrease in overall inflation rates, food prices have continued to rise above the baseline, as reported by the Bureau of Labor Statistics. Several factors contribute to this, including the impact of the war in Ukraine on grain prices and restaurants increasing their menu item prices.

Despite Yellen's statement that rents are rising less quickly now, they are still higher than they were before the pandemic.

Although we're making significant progress in reducing inflation, Americans are aware of the increase in prices compared to what they were used to.

The significant difference between the Biden administration's perception of "considerable progress" and voters' perception of their monthly household expenses is emerging as one of the most significant challenges for President Biden as he seeks reelection.

According to the most recent NBC News poll, released Sunday, nearly 60% of registered voters disapprove of Biden's handling of the economy, while only 38% approve.

Despite historic levels of job growth, a majority of voters would rate the present U.S. economy as poor or fair, according to polls.

Elizabeth Crofoot, senior economist at labor analytics firm Lightcast, stated to CNBC's Jeff Cox that people's economic reality doesn't align with the high-level headline numbers.

For the first time, a hypothetical 2024 presidential matchup between Joe Biden and Donald Trump showed Biden trailing in a Sunday's NBC News poll.

The White House and the Biden campaign have maintained a consistent message to voters that the U.S. economy is robust, labeling it "Bidenomics," and have had the president travel nationwide to highlight his administration's economic accomplishments.

Yellen maintained this approach on Monday. "Our duty is to inform Americans about the ways President Biden has enhanced the economy," she stated to CNBC. "Once inflation decreases, prices will stabilize, and the job market will remain robust. People will then recognize that we have made significant advancements."

The outcome of the 2022 presidential election may depend on whether voters recognize the progress made by the current administration.