“When asked which price increases on regularly purchased products or services have hurt consumers the most, gasoline, groceries, and clothing were among the most frequently mentioned items,” the group said.
By Casey Harper | The Center Square
The vast majority of Americans are cutting back on their spending because of rising inflation, according to new survey data.
Provident Bank based in New Jersey released the report, which found that roughly 83% of those surveyed have cut back on personal spending due to inflation, with about 23% saying they have made “drastic changes” to their spending.
The poll found that 10.5% of those surveyed reported “eliminating all non-essential purchases” and 71.7% reported they have “made at least some changes to personal travel habits.”
Many Americans are struggling to purchase basic necessities as gas prices hit record highs earlier this month. According to AAA, prices topped $5 per gallon before dipping down slightly in recent days.
“When asked which price increases on regularly purchased products or services have hurt consumers the most, gasoline, groceries, and clothing were among the most frequently mentioned items,” the group said. “More than 50% (53.33%) said they now spend between $101-$500 more per month on groceries. According to the survey results, 32% of drivers are now spending between $101-$250 more per month on gasoline, with 13.5% reporting a monthly increase in fuel costs between $251-$500.
“In addition to gasoline, groceries, and clothing, respondents named baby products, meat, utilities, household goods, milk, and alcohol as adding the most to their monthly bills,” the group added.
The cutback in spending comes as consumer prices have risen at the fastest pace in four decades and the producer price index saw a 10.8% increase in the past year.
“While some consumers have cut back on some non-essential spending, like dining out and unnecessary travel, others reported much more drastic changes such as skipping meals, conserving water, and eliminating meat from their diets,” the group said. “People are feeling an immense amount of financial pressure right now.”
The report surveyed 600 U.S. adults.
Inflation, inflation, inflation Vermont’s Governor doesn’t see it, as we all know he’s left-leaning
but a so-called ” conservative “, he’s just another one scared of all the progressives politics, no leader for sure !!
Even when inept Joe Biden put out his famous “$.18 ” gas tax reduction plan, Vermont’s Governor
thinks increasing VT’s gas tax makes sense, I guess Montpelier doesn’t see it, or they just “don’t care ” I’m going with number two.
The brain trust we have under the “Golden Doom”, yes doom, cannot figure out why people are
leaving the state, retirees can’t afford the nonsense, the newly educated college students are
headed for greener pastures for ” Jobs, and lower taxes “.
Inflation, I guess there is no such thing, correct Phil…………..inept comes to mind, when will we
have a ” real ” Conservative in the Governor’s Seat with lower taxes, reduced state debt from
unfunded liabilities…………… Vermonters live within their means, so why can’t Montpelier ???
yes indeed it is a real stunner …..grocery, gas, fuel…….I do not buy new cloths; never have been a fan of that, so no change there. I recycle everything I can for other uses. Fixed income and this is very very difficult. It will be a very cold or hot……whichever direction one goes…..before I would ask the state for help……born and raised here, as soon as I can make it happen, I’m so out of here……….just sayin