Published May 21, 2024 3:50pm EDT
High inflation is still a burden to Americans – especially parents, Fed survey shows
65% of US adults said chronic inflation made their financial lives 'worse' in 2023
By Megan Henney FOXBusiness
High inflation continued to inflict financial pain on many Americans at the end of 2023, even as price pressures within the economy gradually cooled, according to Federal Reserve data published Tuesday.
Findings from the Fed's Economic Well-Being of U.S. Households report for 2023 show that chronic inflation made financial lives "worse" for about 65% of U.S. adults. Among those respondents, 19% said their financial situation was "much worse" due to higher prices.
And while 34% of respondents said their family's monthly income had climbed in the past year, 38% reported their spending had also increased.
About three-fourths of adults – 72% – said they were doing "OK" financially as of October 2023 – down from 78% in 2021 and the lowest rate since 2016. That number is much lower among parents. The share of parents doing at least "OK" financially fell 5 percentage points to 64%, the lowest level since 2015 when the survey began.
While inflation has fallen considerably from a peak of 9.1% notched during June 2022, it remains well above the Federal Reserve's 2% goal. On top of that, prices are up a stunning 19.4% since January 2021, before the inflation crisis began.
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https://www.foxbusiness.com/economy/high-inflation-still-burden-americans-especially-parents-fed-survey-shows
