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Insurance and financial services company Country Financial commissioned the survey, finding 88% of Americans are highly concerned about inflation.
Tens of millions of Americans are suffering from runaway inflation that will persist into 2022. The White House and Federal Reserve have erred in calling inflation "transitory," which has proved to be anything but that. Consumer sentiment tumbled to the crisis lows in October as inflation expectations marched higher.
In response to rising prices, respondents said they would begin to cut back on spending. About half of them said they would reduce dining at restaurants or take-out meals (48%). About 30% said they would keep their current technology. It also found other actions respondents said they would cut back:
budget food (29%)
purchase less clothing (29%)
put off home renovations (23%)
cancel/put off travel plans (20%)
drive less (13%)
The facts are that consumer prices soared 6.2% YoY in October, far higher than the +5.9% YoY expected and accelerating from September's 5.4% YoY; that was the highest print since June 1990