55% of US Citizens Experience Financial Hardships Due to Rising Prices

By Staff, Agencies

Rising prices are causing financial hardship for 55% of US citizens, while 13% say higher prices are causing a severe hardship for their family, according to a poll Gallup analytics company published on Tuesday.

The poll revealed that no less than 66% of lower-income Americans experience financial strain, while at least 60% of middle-income US citizens experience hardship.

Upper-income Americans, which are "the least likely to have been affected adversely by high prices," still felt burdened by the rising prices. The percentage in this group stood at 42%, according to the poll.

"There are signs that inflation is easing, even though prices remain higher now than they were a year ago. The fact that Americans’ self-reports of financial hardship are leveling off rather than declining is likely a reflection of just how much prices have risen over the past year, and how much further inflation needs to subside before most Americans no longer feel burdened by it," Gallup said.

The survey was conducted among 1,800 American adults from November 9-27 via the Gallup Panel internet platform.