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More than 4 in 10 Americans said they are struggling to afford basic living costs amid rising inflation levels in the country, according to polling data released Wednesday.
The Pew Research Center surveys, which were conducted in late July and August, found that 44 percent of U.S. adults reported struggling to pay for basic necessities like medical care, rent or mortgage, transportation and food.
Rising costs had an even greater impact on lower income Americans, as 71 percent of those surveyed said they struggled with costs for at least one of these expense categories.
Additionally, 60 percent of people said they did not have enough income to "lead the kind of life they want," while 53 percent said they did not have sufficient emergency funds.
The inflation rate in August was 3.4 percent, down from 3.7 percent in July. Since then, the Bureau of Labor Statistics has reported further increases to the consumer price index, including a 0.6 percent increase in September.
Gas prices have accounted for a sizable share of the inflation rate increases, as the effective closure of the Strait of Hormuz during the Iran war placed a sustained strain on global energy supplies.
A gallon of regular gas was around $4.33 a gallon in the U.S. on Wednesday afternoon, up from about $3.08 a year ago, according to AAA. The average cost of diesel has also spiked to more than $6 a gallon — an increase of more than $2 from last year.
President Trump has attempted to calm concerns about rising costs of living amid this conflict and his administration's tariff fight with Canada ahead of the midterm elections, in which affordability is expected to be a top issue for voters at the ballot box.
During a Tuesday campaign rally in Alaska, the president did not offer hope that the months-long conflict was nearing a close, telling the crowd he has "had it" with Iran's leaders and added that his administration was "going to do a number" on the country.
The Pew report released Wednesday was based on findings from two surveys among a sample of 5,166 U.S. adults with a margin of error of approximately 1.6 percentage points. One poll was conducted from Aug. 24-30, while the other was conducted from July 20 to Aug. 9.
https://www.yahoo.com/finance/economy/articles/inflation-rises-more-40-percent-202045911.html
USA STRUGGLES WITH RISING PRICES
The Pew Research Center surveys, which were conducted in late July and August, found that 44 percent of U.S. adults reported struggling to pay for basic necessities like medical care, rent or mortgage, transportation and food.
Rising costs had an even greater impact on lower income Americans, as 71 percent of those surveyed said they struggled with costs for at least one of these expense categories.
Additionally, 60 percent of people said they did not have enough income to "lead the kind of life they want," while 53 percent said they did not have sufficient emergency funds.
The inflation rate in August was 3.4 percent, down from 3.7 percent in July. Since then, the Bureau of Labor Statistics has reported further increases to the consumer price index, including a 0.6 percent increase in September.
Gas prices have accounted for a sizable share of the inflation rate increases, as the effective closure of the Strait of Hormuz during the Iran war placed a sustained strain on global energy supplies.
A gallon of regular gas was around $4.33 a gallon in the U.S. on Wednesday afternoon, up from about $3.08 a year ago, according to AAA. The average cost of diesel has also spiked to more than $6 a gallon — an increase of more than $2 from last year.
President Trump has attempted to calm concerns about rising costs of living amid this conflict and his administration's tariff fight with Canada ahead of the midterm elections, in which affordability is expected to be a top issue for voters at the ballot box.
During a Tuesday campaign rally in Alaska, the president did not offer hope that the months-long conflict was nearing a close, telling the crowd he has "had it" with Iran's leaders and added that his administration was "going to do a number" on the country.
The Pew report released Wednesday was based on findings from two surveys among a sample of 5,166 U.S. adults with a margin of error of approximately 1.6 percentage points. One poll was conducted from Aug. 24-30, while the other was conducted from July 20 to Aug. 9.
https://www.yahoo.com/finance/economy/articles/inflation-rises-more-40-percent-202045911.html
USA STRUGGLES WITH RISING PRICES
