One in four consumers said inflation led to a reduced standard of living as the price of beef and fuel surged
One in four consumers said inflation led to a reduced standard of living as the price of beef and fuel oil surged 20.1% and 59.3%, respectively, in October over the past year, according to aThe reduced living standard had the greatest impact on lower-income Americans and older consumers, Richard Curtin, chief economist who worked on the survey,Half of American families anticipated bringing home smaller incomes after adjusting for inflation next year, Curtin said.
Curtin added the decade-low consumer sentiment was due to “an escalating inflation rate” and a growing belief among consumers that “no effective” policies have been put in place to reverse the trend. in October compared to the same month last year, marking the fastest annual pace in 30 years, according to the Bureau of Labor Statistics.
He added, the division along party lines encourages lawmakers to prioritize achieving their policies over providing effective measures to address high inflation.In October, the price of meat, poultry, fish and eggs rose 11.9% over the past year — the fastest annual increase since December 1990, the Bureau of Labor Statistics
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