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.
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.”
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