Forty-five (45%) of American households say that recent price increases are causing their family some degree of financial hardship.
Ten percent (10%) describe the hardship as ‘severe,’ affecting their standard of living; while another 35% say the hardship is ‘moderate.’
That’s according to a recent Gallup poll.
For most middle income families, they say the price increases are not creating a crisis situation. However, lower income households are bearing the brunt of the rising inflation with nearly one-third stating the financial hardship is severe enough to affect their standard of living.
Not only will holiday shoppers feel the effects of inflation, but with the pending winter and colder temperatures upon us; higher heating costs will certainly ignite more economic challenges to American families, according to experts.
Analysts also say there does not appear to be an end in sight for the rising prices, which means more vulnerable Americans are likely to struggle. The general consensus right now is that things may in fact get worse, before they get better.
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