According to a recent Gallup poll, many American adults have experienced financial hardship in their households due to rising prices.
request, released on Tuesday, the share of Americans who said inflation is causing their household financial difficulties was 55%, down 1% from August. According to Gallup, in a recent survey, 13 percent of those experiencing financial hardship said it was “severe” and affected their ability to maintain their “current standard of living.”
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By comparison, the percentage of adults in the US who say rising prices are causing financial hardship for their households was 49 percent in January of this year and 45 percent in November 2021, according to Gallup.
Inflation—measured by the Consumer Price Index (CPI) and the Personal Consumption Expenditure (PCE) index—has remained painfully high recently, although it cooled slightly in October.
Data released by the Bureau of Labor Statistics on December 1 showed the CPE index increased by 0.3% 6% compared to one month in October and the same period last year. At the same time, the CPI increased by 0.4% from September to October, a 7.7% increase over the previous year, the Labor Department reported in November.
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A Gallup poll showed what percentage of American adults in three income levels said their households had experienced financial hardship due to inflation, with the highest percentage among low-income Americans at 77 percent.
About 60 percent of middle-income adults say rising prices are a hardship. Among high-income Americans, less than half (42%) say inflation has done so.
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The poll was conducted online Nov. 9-27 among more than 1,800 American adults with a margin of error of 3%.
Megan Henney contributed to this report.