Overall, 45% of respondents in a new Gallup poll said they were struggling directly because of inflation and ballooning prices hitting multiple industries. Among households making $40,000 or less, 71% said they were suffering hardship from inflation.
Of those households earning less than $40,000, over a quarter (28%) describe the financial impact as severe and say they cannot maintain the same standard of living at the moment.
The more money people make, the less they feel direct hardships from inflation. Less than 30% of those making $100,000 a year or more say they are feeling any effects from inflation, while nearly half of “middle income” households say they are feeling the negative effects.
The White House has blamed booming costs on pandemic pressures and a rise in demand in the market, though critics have blasted the current administration for continuing supply chain issues and the rising costs in fuel and other essential products.