Most Americans say inflation has caused them moderate or severe hardship, a steady increase since November, according to a new Gallup poll.
Roughly 56% of Americans say rising prices have caused them to struggle financially, a steady increase from 49% in January and 45% in November, according to a Gallup poll released Wednesday.
Out of those surveyed, 44% described their hardship as moderate while 12% called their situation severe, which Gallup defines as a hardship that “affects your ability to maintain your current standard of living.”
Most respondents, 74%, who defined their situation as severe make less than $48,000 for their annual household income, a slight increase of 4% since November.
Out of the other respondents, 12% of middle-income and 4% of upper-income respondents reported their hardships as severe.
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However, more middle and upper-income Americans are struggling more than they were in November, according to the poll.
Out of upper-income Americans who earn $90,000 or above, 40% said they are struggling from inflation, while only 28% said they were struggling in November’s poll.
The survey also found Republicans are more likely to blame their financial woes on inflation than Democrats, with 67% over 44% stating rising prices are hurting their families. Out of independents surveyed, 56% blamed inflation.
When asked how they are responding to the effects of inflation, 24% of respondents who claimed they are facing financial hardships said they are buying less and 17% said they are either traveling less or canceling vacations, while the same percentage suggested they are driving less to save money on gas.
Some respondents, 7%, said they had to either work more hours, find a second job or a new job, while 3% said they are delaying medical procedures or appointments.
Gallup surveyed 1,570 adults aged 18 and older between Aug. 1 and Aug. 22. The margin of error was plus or minus 3%.
The views and opinions expressed in this commentary are those of the author and do not necessarily reflect the opinion of The Free Press.
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