Business News Asia
The latest survey from the U.S. Census Bureau’s Household Pulse shows that high inflation is making it harder for people to find money for their essential expenses. It is also affecting retirement savings, forcing people to cut back on travel, and be cautious with their spending. High inflation has led to widespread and severe panic among people.
The survey found that about 65% of U.S. adults think that rising product prices cause a lot of stress. The results of this survey asked about price increases for the first time.
Stress from rising prices affects Hispanic and black adults slightly more than other groups, while American adults with college degrees experience less stress than other groups.
About 54% of those earning less than $50,000 a year are more than 80% affected by current inflation. For those earning more than $200,000 a year, the figure is only 38%.
The results of this survey show that high inflation is affecting people’s spending habits and psyche after the consumer price index (CPI) rose more than 8% year-over-year in August.
According to the survey, about 35% of American adults decided to cancel their trip last week because of high gas prices, while about 20% had to cut or eliminate spending on basic household needs such as medicine or food to pay for energy.