Gallup poll: Inflation causing financial hardship in over half of U.S. households

Dec. 6 (UPI) -- A majority of Americans are experiencing financial difficulty as a result of high inflation, according to a Gallup poll released Tuesday.

The poll found 55% of Americans surveyed say the rising prices have caused financial hardship for their household.

The percentage was essentially unchanged from August, after increases over the last two polls.

In November 2021, Gallup found the number of Americans in the same situation at 45%, increasing to 49% two months later, before jumping to 55% in August.

Gallup's numbers also show 13% of Americans believe higher prices are causing a severe hardship for their family. That figure is the highest Gallup has measured to date, although the number has been steady at 10% over the last year.

The company conducted the poll between Nov. 9 and 27 as U.S. gas prices receded from their June high. The average price for a gallon of regular fuel on Tuesday sat at $3.38, according to AAA. That number is down from $3.61 in late November, while experts predict it could fall below $3 per gallon by the end of the year.

Inflation is having a greater negative impact on lower-income families. More than three-quarters of those surveyed say rising prices are causing them financial hardship. No less than 66% of lower-income Americans have reported financial strain from inflation over the past year, according to Gallup.

Less than half of middle-income Americans said they were experiencing hardship one year ago. That figure increased to 56% by January and has remained at 60% over the company's last two polls.

In September, Gallup found Americans were cutting back on spending in general, traveling less, and driving less, due to rising inflation.