Nearly half of Americans in a recent survey agreed that recent inflation has hurt their living standards.
The University of Michigan Surveys of Consumers report jumped 10 points over a similar survey the previous month.
Record 49% of Americans Say Living Standards Are Eroding under Bidenhttps://t.co/U4H7LF1qTm
— Jennifer Harper 👍👌👍👌 (@AwakeNeverWoke1) October 14, 2023
“After stabilizing earlier this year, concerns about inflation have grown again,” the report revealed, according to Daily Fetched.
"The survey shows that almost half of those polled in early October say high prices were eroding their living standards," it added.
New Record : 49% of Americans Say Inflation Eroding Living Standards https://t.co/IVebc82ojn?
— Al (@Al01619246) October 14, 2023
The Epoch Times noted that the survey's results connect with recent rises in inflation.
"Inflation, as measured by the Consumer Price Index (CPI), shot up at a furious pace through 2021 and narrowly missed breaking through the 10 percent psychological barrier by mid-2022," the outlet reported.
"The pace of rising prices hit a recent peak of 9 percent in June 2022, a multi-decade high that later fell to 3.1 percent by June 2023—but it has jumped back up to 3.7 percent, bringing with it renewed concerns about inflation," it noted.
The inflation concerns also come as interest rates have increased for the housing market. Over the past year and a half, the Fed has raised rates from near zero to over 5%.
While inflation has continued to increase to the highest levels in a generation under President Joe Biden, personal income has not increased to meet the current inflationary surge. The impact has led to increased monthly costs for Americans while most people maintain a similar income level from before the inflation increases.
The economic concerns could be a major problem for Biden's 2024 reelection campaign, as many surveys show the economy as the top voting issue, with the Biden administration continuing to struggle in the area.