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An overwhelming majority of older Americans say they’re stressed by the country’s continued high inflation, according to the latest data.
A recent survey by AARP (full results expected later this month) found that 70% of U.S. adults age 50 and older are concerned that prices will rise faster than their incomes. did.
Prices shown at grocery stores in New York City on February 1, 2023. (Photo by Leonardo Muñoz/VIEWpress/Getty Images)
Survey results shared with FOX Business show this week that the Consumer Price Index, a broad measure of the prices of daily necessities including gasoline, groceries and rent, rose again to 3.5% in March for the third consecutive month. The announcement follows data from the Department of Labor. From 1 year ago.
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Although inflation has fallen significantly from its peak of 9.1%, it has remained well above the Federal Reserve’s 2% target for more than two years.
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“Lower inflation doesn’t mean lower prices. It means prices will rise more slowly,” said David John, senior policy adviser at AARP. “Older Americans in particular continue to have to make difficult choices.”
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caused by high inflation severe financial pressure Most American households are being forced to pay more for everyday necessities like food and rent. The burden falls disproportionately on low-income Americans, whose already maxed-out paychecks are heavily affected by price fluctuations.
People shop for groceries at a supermarket in Glendale, California, on January 12, 2022. (Robin Beck/AFP via Getty Images/Getty Images)
Rising prices are also of particular concern to people on fixed incomes, many of whom have reached retirement age.
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“More than a third (37%) of adults over 50 are worried about covering basic expenses such as food and shelter,” John added. “And more than half (61%) of adults over 50 are worried they won’t have enough money for retirement.”
FOX Business’ Megan Henney contributed to this report.
