According to a new poll, nearly half of all U.S. households say they have suffered financial hardship because of inflation.
In a new Gallup poll, U.S. adults were asked if recent price jumps were causing any financial hardship for them. The survey showed that 45 percent of Americans said they were suffering hardship. Of those who said they were having difficulty, 10 percent said it was “severe” and “affected their ability to maintain their current standard of living.”
According to The Blaze, those who said they made less than $40,000 annually were 71 percent more likely to experience financial hardship. Only 29 percent of those with an annual income of $100,000 or more said the same.
The Bureau of Labor Statistics reported that in October, the Consumer Price Index jumped by 6.2 percent over the last year. It was the most significant increase in prices for consumer goods recorded in more than 30 years.
This week, the Food and Agriculture Organization of the United Nations reported that global food prices are at their highest level since June 2011. In November of this year, prices of commonly traded food commodities were 27.3 percent higher than they were in November of last year.
The high food prices will likely not fall in 2022, according to Rabobank, a Dutch multinational banking and financial services company.
“Food prices are likely to stay near record highs next year due to consumers stocking up, high energy and shipping prices, adverse weather and a strong dollar,” Bloomberg reported about Rabobank’s estimate.
Earlier this week, Federal Reserve Chairman Jerome Powell also suggested that the higher prices are here to stay, saying it’s “probably a good time” to end calling inflation “transitory.”
In another statement, U.S. Treasury Secretary Janet Yellen agreed with Powell.
“I’m ready to retire the word transitory. I can agree that that hasn’t been an apt description of what we’re dealing with.”
President Joe Biden has previously said that the price increases are temporary.
“Some folks have raised worries that this could be a sign of persistent inflation,” Biden said. “But that’s not our view. Our experts believe, and the data shows, that most of the price increases we’ve seen are – were expected and expected to be temporary.”
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Amanda Casanova is a writer living in Dallas, Texas. She has covered news for ChristianHeadlines.com since 2014. She has also contributed to The Houston Chronicle, U.S. News and World Report and IBelieve.com. She blogs at The Migraine Runner.