85% of Americans Say Inflation in Food Prices is Impacting Their Budget
September 23, 2020
The economy has seen a moderate increase in inflation recently, and the Fed rewrote its rules to allow inflation to run higher than its standard 2% target, with some economists welcoming higher inflation after a prolonged period of weak inflation. The average consumer, however, is already feeling the impact of higher prices post-pandemic and is worried that prices will continue to rise.
85% of Americans have said that their budgets have been impacted by having to pay more for groceries in the months since the pandemic began, according to a new survey from C+R Research. Meat, eggs and milk are the main staples that Americans are paying more for. 75% report paying more for household goods like cleaning products.
The vast majority, 90%, of respondents said they are worried that prices will continue to rise.