A newly released poll indicates that 48% of Americans are thinking about rising prices all the time.
Inflation Is Weighing Heavily on People’s Minds
A recently released poll by CNBC + Acorns Invest in You survey, conducted March 23-24, indicated that 48% of Americans are worried about rising prices. A cumulative 76% of 3,953 adults surveyed said that inflation will “force them to rethink their financial choices in the coming months.”
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Take a look at answers to this question:
How worried are you that higher prices will force you to rethink your financial choices in the coming months?
- 37% – very worried
- 39% – somewhat worried
- 18% – not too worried
- 4% – not at all worried
- 1% – no answer
Current Ramifications of Higher Prices
According to a Moody’s Analytics analysis, inflation is currently costing the average American household an extra $296/month.
Experts overall anticipate that things (inflation and higher prices) will get worse for average households before they improve.
Specifics of cost-cutting measures consumers have already taken:
- 53% – cut back on dining out
- 39% – cut back on driving
- 35% – canceled one or more monthly subscriptions
- 32% – switched from brand-named products to generics
- 29% – canceled trip/vacation
- 22% – delayed car purchase
- 20% – borrowed money or took on credit card debt to cover expenses
- 15% – delayed buying a home
- 13% – did not pay bills
Most survey respondents indicated they would cut back more if inflation worsened. They also indicated they are most concerned about gas prices, housing costs and food costs.
Recession Fears
Moody’s Analytics chief economist Mark Zandi said, “People are definitely on edge. Recession risks are high.”
An eye-popping 81% of the CNBC + Acorns Invest in You survey respondents indicated that they believe a recession is likely to become a reality this year.
Zandi put the odds at 1 in 3 and rising.
Prediction about When Inflation May Slow?
Zandi believes that inflation was brought on by the pandemic and its effects of supply chain and labor market disruptions and worsened by the Russian invasion of Ukraine which spiked gas and food prices.
Zandi said, “If that diagnosis is correct, as the pandemic fades and as we get to the other side of the fallout of the Russian invasion, inflation should moderate.”
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Thanks to CNBC.
