Nearly Half of US Households Feel Inflation Bite, Report Hardship From Price Hikes, Poll Shows
14:50 GMT 02.12.2021 (Updated: 13:26 GMT 06.08.2022)
© AP Photo / Mary Altaffer"Store Closing" sale signs are on display at a shop on Madison Avenue in New York
© AP Photo / Mary Altaffer
WASHINGTON (Sputnik) – Sticker shock from inflationary price increases is hitting US shoppers at the onset of the holiday shopping season, with 45% of American households reporting financial hardship, a Gallup poll said on Thursday.
"45% of Americans report financial hardship triggered by increased prices; 10% describe the hardship as threatening their current standard of living [and] Seven in 10 lower-income Americans experiencing hardship," a press release summarizing the poll said.
The impact is especially severe for lower-income households, with 71% of those making less than $40,000 a year saying that recent price increases have caused their family financial hardship, the release said.
For middle-income households 47% report financial hardship, along with 29% of upper-income households, the release added.
The Biden administration has described inflation as "transitory," at least until earlier this week when Federal Reserve Chair Jerome Powell urged officials to stop using the word because rising prices are likely to persist.
In October, consumer prices were more than 6% higher than in October 2020, according to the Bureau of Labor Statistics.