Inflation has been a hot topic over the last several years, with many countries including the United States seeing prices of food and utilities soar. A recent survey shows that inflation is one of the top concerns among Americans.
What Happened: In March, the Consumer Price Index (CPI) increased 5% year-over-year, a figure that was below the 6% increase in February and what many economists had expected.This represents good news in the wake of the high inflation environment facing American consumers.
The figure for March was the lowest inflation print since May 2021, suggesting the future could be bright for the economy and consumers.
Core inflation came in up 5.6% year-over-year, suggesting there are still some concerns and fears of additional Fed rate hikes.
A poll conducted in March 2023 showed how worrisome several items, like inflation, are to American consumers. According to the Benzinga and Dig Insights Economic Sentiment tracker, these were the most concerning issues among U.S. consumers:
- Inflation on things like food and utilities: 84%
- Economic recession: 81%
- Rising interest rates: 74%
- Cost of gas: 76%
- Cost of housing (rent or mortgage): 65%
- Job security: 49%
Related Link: 10 Best Inflation Hedges
Why It’s Important: The results of the poll show that inflation is the number one concern among items listed and beats out other popular topics like the fear of a recession, rising interest rates, housing costs or job security.
The Benzinga and Dig Insights Economic Sentiment tracker found that four in 10 people in America polled were taking on additional debt to keep up with their bills. The tracker also found that 18% of Americans were dismayed with their personal financial situation.
As a result of higher prices, consumers have been turning to coupons and promotional offers, and considering cutting monthly subscriptions to platforms like streaming services.
The tracker additionally found that 33% of people polled believed the economy would improve in the next six months, with 34% saying the economy would not improve during that span.
The latest CPI reading could be a step in the right direction, but inflation remains a major concern for many Americans.
Read Next: Exclusive: What Are The Issues Americans Consider Most Importan Ahead Of 2024 Presidential Election
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