Americans expect grocery price inflation to rise further: poll

0

A growing number of Americans expect their grocery bills to rise in the future, according to a new Rasmussen Reports poll released Aug. 9.

The survey of 1,000 US adults was conducted between July 24 and 25, and the margin of sampling error is +3 percentage points at the 95% confidence level.

According to the survey, 89% of respondents said they pay more for groceries than a year ago, up from 87% in April.

Overall, 61% said they expect the amount they spend on groceries to be even higher a year from now. Among those polled, the most married Americans and those with children said they expect their grocery bills to rise next year compared to those who are unmarried and childless.

“Americans have noticed they are paying higher grocery prices, and most expect the cost of food to continue to rise,” Rasmussen said in his report.

Meanwhile, 63% of respondents said they had changed their eating habits due to rising food costs, up from 55% in April. Overall, 75% of Americans with an annual income of less than $30,000 said rising food costs prompted them to change their eating habits, compared to 31% of Americans with an annual income of more than $30,000. $200,000.

Among those polled, 77% of Republicans said they expected their grocery bills to be higher in a year, compared with 47% of Democrats and 60% of unaffiliated voters.

However, Democrats are “less likely to say that rising food prices caused them to change their eating habits,” the report said.

The poll comes as inflation has soared over the past year, prompting households to tighten their belts and change the way they buy everything from food to clothes and gasoline.

Despite the steady increase in the number of Americans in financial difficulty, the Biden administration has continued to play down the risk of an economic recession in the United States.

And this despite two consecutive quarters of negative growth, which is the generally accepted definition of an economic slowdown, but not the official definition. Speaking about that data in July, President Joe Biden said it “doesn’t sound like a recession to me.”

A nonprofit, nonpartisan organization called the National Bureau of Economic Research says when the country is entering a recession, but hasn’t yet.

Economists expect the July consumer price index, due out Aug. 10, to show that inflation eased slightly last month.

Meanwhile, the New York Federal Reserve’s latest survey of consumer expectations (SCE) released on August 8 showed US consumer inflation expectations fell sharply in July, suggesting that Americans are in fact hoping prices will soon drop.

Respondents to this survey said they expected inflation to continue at a rate of 6.2% over the next year, down slightly from expectations in June that it would run at a rate by 6.8%, and cited lower gasoline prices and the belief that food prices will also fall in the future.

Follow

Katabella Roberts is a news writer for The Epoch Times, focusing primarily on U.S., global, and business news.

Share.

Comments are closed.