WASHINGTON (AP) — U.S. economic growth was notably strong from July to September, yet inflation accelerated at the same time, new data showed Thursday, painting a mixed picture about the country’s economy less than a week before midterm elections in which the uncomfortably high cost of living looms larger than perhaps any other issue.

Strong consumer spending and soaring investment in artificial intelligence infrastructure were key drivers of growth in the third quarter. When unemployment is as low as it is right now, consumers often spend at a healthy clip and they are doing so, particularly wealthier Americans who are riding a wave of record stock market gains.

The economy grew at a strong 3.4% annual rate in the July-September quarter, the Commerce Department said Thursday, much faster than the 2.2% growth in the April-June quarter.

Consumer spending climbed 3.8% at an annual rate, marking the second straight quarter of strong growth and far exceeding the 0.7% increase in the first three months of the…