A majority of Americans in a new Gallup poll said that inflation-driven price increases are causing moderate or severe financial hardship.
Fifty-six percent of respondents said they are facing financial hardship, according to the survey giant, which noted that the percentage has steadily increased in recent months, rising from 45 percent in November and 49 percent in January.
While lower-income families are experiencing fairly similar levels of financial hardship as last fall, middle-income and upper-income families are starting to feel the pinch more than before, the polling shows.
Since last November, the percentage of middle-income families experiencing financial hardship went up 17 points and the percentage of upper-income families reporting hardship rose 12 points, according to the poll.
Gallup characterizes lower-income families as making less than $48,000, middle-income families as making between $48,000 and $89,999, and upper-income families as making more than $90,000.
Along party lines, Republicans are more likely than Democrats to say that inflation is causing financial hardship, with 67 percent of Republicans reporting financial hardship compared to 44 percent of Democrats.
In response to rising prices, Americans facing financial hardship are trying to reduce their spending, travel less or cancel vacations, and drive less or use less gas, according to Gallup.
Inflation will likely remain a key factor in the upcoming midterm elections, as a central part of Republicans’ critique of the Biden administration and Democrats.
While inflation dipped slightly in July as gas prices dropped, it remained abnormally high at 8.5 percent.
And while an August Gallup survey found that confidence in the economy had improved, most Americans still rated the economy negatively.
The new survey of 1,570 respondents, conducted Aug. 1-22, has a margin of error of 3 percentage points.
THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX
© 1998 – 2022 Nexstar Inc. | All Rights Reserved.