Vice President Kamala Harris The Democratic presidential candidate will present key elements of her economic program in a speech in North Carolina on Friday. The speech will focus on plans to reduce food prices, housing prices and health care, her advisers told Reuters.

In her speech, Harris is expected to tout plans to cut costs and combat alleged corporate price gouging through possible price controls, showing that her campaign is trying to allay voters’ concerns about high prices ahead of the election.

American households have faced significant budget pressures in recent years, with inflation rising to a 40-year high of 9.1 percent in June 2022. To curb inflation, interest rates have been raised to their highest levels in 23 years. According to the latest Consumer Price Index report, inflation has slowed to 2.9 percent, but is still above the Fed’s target of 2 percent.

Harris’ speech on the economic agenda is her first major policy announcement since President Biden dropped out of the presidential race on July 21 and Harris quickly emerged as the Democratic Party’s nominee. She has outlined some elements of her economic policy plans in speeches, although no policy proposals were available on her campaign website as of Thursday afternoon.

UAW union supports Vice President Harris’ campaign with worker mobilization initiative

Vice President Harris plans to introduce an economic plan that has “the same values” but a “different vision” than President Biden’s. (Brendan Smialowski/AFP via Getty Images)

Harris will push for federal legislation prohibiting companies from setting excessive prices and will denounce the practices of meat processing companies, her campaign team said late Wednesday.

Her proposal would allow the Federal Trade Commission (FTC) to investigate abuses and impose penalties on the food and grocery industry, and her administration would take a closer look at merger activity in the industry.

Other aspects of Harris’ economic plan are expected to focus on prescription drug costs and housing costs. She plans to tout efforts to lower the cost of rental housing and homeownership by funding affordable housing and building climate-resilient communities.

FLASHBACK: KAMALA HARRIS RESPONSES TO HOW SHE WOULD DEAL WITH INFLATION

Vice President Harris wants to focus on plans to lower consumer prices. (Elizabeth Conley/Houston Chronicle via Getty Images)

Harris’ economic program closely resembles President Biden’s and is aimed at appealing to the middle class. Her advisers indicated that they plan to pay particular attention to aspects of the plan that will appeal to voters in swing states.

“Same values, different vision,” one adviser said, describing Harris’ economic agenda compared to Biden’s. “In terms of substance, she won’t stray far from him. She will emphasize the values ​​that are most important to her.”

A Harris adviser told Reuters that the vice president was very concerned about the “pocket problems of working families, especially those with young children.” The adviser added that Harris would continue to support the child tax credit, which reduces the tax burden on low-income families.

Harris’ economic speech on Friday will exclude some elements of her agenda as her campaign seeks to remain “strategically ambiguous” on areas such as energy, which could divide voters and draw criticism from business groups over policy details.

STUART VARNEY: KAMALA HARRIS’ ECONOMIC PLAN IS ABOUT TO TAKE ANOTHER SHARP LEFT TURN

In her current presidential campaign, Vice President Kamala Harris plans to distance herself from the economic policy positions she took in her 2020 campaign and as a senator. (Drew Angerer/Getty Images)

Her advisers also said Harris no longer supports policies such as a fracking ban and Medicare for All, which were part of her platform for her short-lived presidential run in 2020 and which she also championed during her tenure in the U.S. Senate.

The Harris team said she will seek to draw a contrast with her Republican opponent, former President Trump, on tax policy. Trump introduced tax cuts in 2017, some of which are set to expire next year. Trump has said he wants to make those permanent, while Harris argues they should expire, except for those that benefit taxpayers with annual incomes of less than $400,000.

Although she will try to compare her tax plans with those of the Trump campaign, Harris Adopt Trump’s plan to abolish the taxation of tips.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

On Wednesday, the Trump team pointed to Harris’ economic record and Biden’s successes.

“America cannot afford another four years of Kamala’s failed economic policies. President Trump has a proven track record of making the country prosperous and affordable, and Americans can trust him to put more money back in their pockets,” said Trump spokeswoman Karoline Leavitt.

Reuters contributed to this report.