The majority of Americans say inflation is causing them financial hardship, according to a new poll.
While the Biden administration heralded a pause in the rise of inflation for the month of July, a new Gallup poll indicates that Americans are feeling the pain more now than at the beginning of this year.
“A majority of Americans, 56%, now say price increases are causing financial hardship for their household, up from 49% in January and 45% in November,” Gallup said. “The latest reading includes 12% who describe the hardship as severe and 44% as moderate.”
The survey was conducted Aug. 1-22 after that pause in inflation.
More federal data will be released this month showing whether inflation took off again in August or remained steady.
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Inflation is reportedly hitting poorer Americans hardest.
“Lower-income Americans are more likely than others to be experiencing severe hardship — 26% of those whose annual household income is less than $48,000 say prices are causing severe hardship for their families,” Gallup said.
“That compares with 12% of middle-income Americans and 4% of upper-income Americans. Lower-income Americans are about as likely now as last fall to say they are experiencing either severe or moderate hardship — 74%, compared with 70% in November.”
The survey found middle-income Americans are feeling the pain as well.
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“Middle-income (63%) and upper-income (40%) Americans remain significantly less likely than lower-income Americans to say they are experiencing hardship,” Gallup said. “However, sharply more middle- and upper-income Americans are struggling now than were last November.
“The increase has been greater among middle-income Americans — up 17 percentage points than among upper-income Americans — up 12 points.”
Americans are cutting back on spending, traveling less and trying to up their income to deal with the higher prices.
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