Inflation is taking its toll on Americans, and a new survey reveals that a majority of people are feeling financial pain because the costs of almost everything have gone up.
56% of the respondents said they are hurting from the added costs. 12 % of the people in the survey said the pain was severe, and 44% called it moderate.
One way Americans are combatting the high prices everywhere is by cutting back on spending. People are buying less in general, and 17% of the respondents say they are traveling less or canceling vacations in order not to be forced to spend a small fortune at the gas pump.
The study reveals that people are on the hunt for buying cheaper goods or finding generic alternatives. 10% say they are eating out less, growing their own food, and cutting down on entertainment costs.
Here’s a portion of the release that came with the report.
“With high inflation persisting for over a year, a majority of Americans now say they are experiencing financial hardship from higher prices. Lower-income Americans were mainly affected early on, but most middle-income Americans and a substantial minority of upper-income Americans now feel the strain of higher prices.”
Things are going to get worse before they get better. A new consumer price index will be coming out soon, and it’s expected to be bad.
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