A new survey has found nine in ten Americans say they're concerned about inflation. The high level of anxiety about soaring food, energy, and shelter costs, among others, is felt the same across all age groups, racial and ethnic groups, and income levels.
Insurance and financial services company Country Financial commissioned the survey, finding 88% of Americans are highly concerned about inflation.
Tens of millions of Americans are suffering from runaway inflation that will persist into 2022. The White House and Federal Reserve have erred in calling inflation "transitory," which has proved to be anything but that. Consumer sentiment tumbled to COVID crisis lows in October as inflation expectations marched higher.
In response to rising prices, respondents said they would begin to cut back on spending. About half of them said they would reduce dining at restaurants or take-out meals (48%). About 30% said they would keep their current technology instead of upgrading.
The survey was conducted between Oct. 22-25 and had 1,031 adults surveyed. It also found other actions respondents said they would cut back:
budget food (29%)
purchase less clothing (29%)
put off home renovations (23%)
cancel/put off travel plans (20%)
drive less (13%)
Americans' worries about inflation are a snub to the establishment's constant propaganda that this is 'transitory' and that 'you can afford it'.
The facts are that consumer prices soared 6.2% YoY in October, far higher than the +5.9% YoY expected and accelerating from September's 5.4% YoY; that was the highest print since June 1990...
Higher prices for energy, shelter, food, and vehicles fueled the supercharged reading and indicated inflation is broadening out beyond categories associated with the reopening.
Meanwhile, soaring prices have sent consumer sentiment waterfalling to COVID lows.
All this despite a stock market that is surging to fresh highs day by day.
Even though retail spending was strong in October (thanks in large part to the fact that it is nominal and therefore inflated by higher costs of everything), it's only a matter of time before Americans' credit cards get maxx'd out (because savings rates have already crashed back to pre-COVID levels) and they are forced to cut back their spending to survive persistent high inflation that is destroying real wages.