Inflation locked atop list of financial problems: Gallup

A new survey finds that inflation remains top of mind when Americans think about economic hardship.

In a Gallup poll, Released on ThursdayAccording to the report, 41 percent of Americans cite inflation and the high cost of living as the “most important financial issue facing” their families, ranking it higher than issues like taxes and energy costs. I understand.

This is the third year in a row that this issue has topped the list. The survey also shows a slight increase from last year, when just 35% of survey respondents said their financial hardship was due to inflation or the high cost of living.

“In addition to being the most important economic issue facing families, inflation is also cited as one of the domestic issues Americans are most concerned about,” Gallup researchers wrote. “When you ask Americans to name the most important issue facing this country, this issue trails only immigration, government, and the economy in general.”

The Federal Reserve recently decided to keep interest rates at a 23-year high amid rising inflation and a strong labor market.

Inflation rose in March due to higher spending and higher incomes, according to data released by the Commerce Department last week. The personal consumption expenditures (PCE) price index, which the Federal Reserve recommends as a measure of inflation, rose 0.3% in March and rose 2.7% for all of last year.

The survey results also show a slight decrease in the number of people who say their financial situation is “worsening” “overall”, to 47% from 50% last year. The number of people who said their situation was “better” also increased from 37% to 43% compared to last year.

Other major problems, according to the poll, include excessive debt (8%), medical costs (7%), lack of money or low wages (7%), and energy costs or gas prices (6%). You can

By age group, older people are more likely to cite inflation as the biggest problem hindering their household finances. In the survey, 46% of adults over 50 mentioned inflation, compared to just 36% of those under 50.

The survey also found that people with higher incomes were more likely to cite inflation as a financial burden.

The Gallup poll was conducted April 1-22, had a sample of 1,001 people, and had a margin of sampling error of plus or minus 4 percentage points.