Survey: 73% of Americans Are ‘Very Concerned’ over Inflation

Seventy-three percent of Americans say they are “very concerned” about rising prices of food and consumer goods prices due to inflation, according to a recent survey from Pew Research.

Eighty-one percent of Republicans said that high food and consumer goods prices were very concerning, while 66 percent of Democrats agreed. Other economic issues that were very concerning to American voters include gasoline and energy prices (69 percent) and the cost of housing (60 percent).

With the midterm elections fast approaching, the “economy” is the top issue for all registered voters, with 79 percent saying it is a “very important” issue. Forty-seven percent of Republican voters agreed with that statement compared to 32 percent of Democrats.

While approximately 80 percent of registered voters in both parties say they are highly motivated to vote this November, 49 percent of Republican voters say that they have given the Congressional elections “a lot of thought” compared to 38 percent of Democrat voters.

Americans have been hit hard by a floundering economy due to surging inflation across several products. Grocery store prices have soared by 13 percent compared to a year ago, while gasoline prices are up by 19.7 percent. This past summer, Americans noted that they were cutting back on driving and grocery shopping due to the price surge.

Prices overall have surged by 8.2 percent since last year, rising 0.4 percent between August and September, according to the consumer price index. Core inflation  — not including food and energy prices — is up by 6.6 percent since a year ago, the highest it has been in 40 years.

With fewer Americans spending money and the federal reserve hiking interest rates, economists are warning that a recession may loom. The Bank of America is even predicting that the unemployment rate will rise to 5.6 percent in August. For reference, the unemployment rate was 3.7 percent in August.

Despite a number of economists and a majority of Americans agreeing that economy is in rough shape, President Joe Biden stated on October 15, while eating ice cream, that the economy “was strong as hell.” He doubled down in a speech the following week, saying that the economy was stronger than it was before the pandemic.

The survey was conducted among 5,098 adults, including 3,993 registered voters, from October 10 to 16, 2022.

You can follow Ethan Letkeman on Twitter at @EthanLetkeman.