A majority of Americans, 56%, now say price increases are causing financial hardship for their household, up from 49% in January and 45% in November. The latest reading includes 12% who describe the hardship as severe and 44% as moderate.
The results are based on an Aug. 1-22 web survey that interviewed over 1,500 members of Gallup’s probability-based panel.
Although more Americans now than last fall say they are experiencing hardship, the percentage who are suffering severe hardship has held relatively steady at around 10%. Lower-income Americans are more likely than others to be experiencing severe hardship — 26% of those whose annual household income is less than $48,000 say prices are causing severe hardship for their families. That compares with 12% of middle-income Americans and 4% of upper-income Americans.
Lower-income Americans are about as likely now as last fall to say they are experiencing either severe or moderate hardship — 74%, compared with 70% in November.
56% of U.S. adults now say rising prices have caused financial hardship for their family, including 12% who describe the hardship as “severe.” https://t.co/IOJGmN6KiX
— GallupNews (@GallupNews) September 7, 2022