The share of Americans who say inflation is causing them financial hardship has risen from 49 percent in January to 56 percent, with rising prices forcing 69 million households to make cutbacks, a survey revealed on Wednesday. The Gallup survey found that ever-more wealthy and middle-class families were feeling the pinch from inflation, forcing them to spend less on groceries and other basics, drive less and cancel vacations.
A worrying 12 percent of the survey’s 1,570 respondents said they were experiencing ‘severe hardship’ that was lowering their standard of living — a rise on the 9 percent who said so at the start of 2022.
Even though gas prices have fallen to $3.78 per gallon and inflation dipped to 8.5 percent in July, the economy and rising prices remain a top concern for millions of cash-strapped voters heading in to November’s midterms.
‘With high inflation persisting for over a year, a majority of Americans now say they are experiencing financial hardship from higher prices,’ said the report.
‘Lower-income Americans were mainly affected early on, but most middle-income Americans and a substantial minority of upper-income Americans are now feeling the strain of higher prices.’