88 percent of Americans expressed concern over rising inflation rates, according to a poll conducted by Country Financial, as consumer prices rose to a 30-year high last month and appear on pace to climb during the holiday season.
CNBC reported 48 percent of the 1,031 adults surveyed plan to reduce spending habits due to the spike in consumer prices.
The survey found 30 percent plan to cut costs on consumer technology products, 29 percent plan to reduce clothing expenses, and 13 percent plan to drive less in the coming months.
In an already stunted economic recovery due to the Biden administration’s Covid-19 measures that have caused unstable employment numbers and poor consumer reports, the United States will be forced to brace for even more stagnation in the coming months.
The skittishness of the American consumer reflects widespread unease about the state of the national economy under the Biden administration which continues to push policies it claims will ease climbing inflation rates. However, inflation has only worsened.
While the administration continues to claim increasing rates are “transitory,” experts project higher consumer prices lasting for up to another year.
Although several factors contribute to inflation rates, the most significant include lower labor participation, higher consumer demand, mismanagement of U.S. supply chains, and the aftershock of prolonged Covid-19 shutdowns.