(DCWatchdog.com) – More than half of Americans are suffering from financial hardship caused by the continuing sky-high inflation, a new public opinion poll has found.
The survey findings come after in October grocery food prices spiked by 12.4% year-on-year, while restaurant prices went up by 8.6%, according to the US Department of Agriculture.
At the same time, overall inflation has declined somewhat recently, as US gas prices stood at $3.40 per gallon as of Monday, according to the American Automobile Association.
The latest opinion poll on the impact of inflation by pollster Gallup found that 55% of Americans reported having financial hardship due to the growing consumer prices, Newsmax reported.
The number is practically the same as Gallup’s August survey, though its two preceding polls had registered spikes in the share of Americans affected by inflation.
The latest poll also found that 13% of the respondents said they were in severe financial hardship because of inflation.
The pollster pointed out in a release that the substantial consumer price increases have led Americans to find themselves “reducing their spending, traveling less, and driving less to deal with the effects of inflation.”
“Inflation has taken a greater toll on lower-income Americans, with more than three-quarters saying they have experienced hardship because of rising prices,” Gallup said.
In its survey a year ago, fewer than half – or 46% – of its “middle-income” respondents reported having financial hardship.
In January 2022, though, the number spiked to 56% and went to 60% or higher in the subsequent two surveys.
According to Gallup, although upper-income citizens are “the least likely” to suffer hardship caused by inflation, even their group has seen more Americans affected negatively by high prices.
Its latest public opinion poll found that their share went up to 42% today, compared with 28% a year ago.
“There are signs that inflation is easing, even though prices remain higher now than they were a year ago,” Gallup said.
“The fact that Americans’ self-reports of financial hardship are leveling off rather than declining is likely a reflection of how much prices have risen over the past year and how much further inflation needs to subside before most Americans no longer feel burdened by it,” the pollster added.
The new Gallup public opinion survey was conducted from November 9 until November 27 among more than 1,800 American adults who are members of Gallup’s probability-based panel. The report did not list the possible margin of error.
Americans are experiencing pain from a rising cost of living. Grocery store food prices were up 12.4% in October 2022 compared with October 2021, and restaurant prices rose 8.6% for the same period, according to USDA data. https://t.co/I7F4aGaTOa
— NEWSMAX (@NEWSMAX) December 6, 2022