55% of US adults report experiencing financial hardship because of rising prices

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According to a recent Gallup poll, many U.S. adults indicated their households have experienced financial hardship because of rising prices.

The poll, released Tuesday, found the proportion of Americans who said inflation was making their households experience financial hardship was 55%, marking a 1% drop from August. Of those in the latest poll reporting experiencing financial hardship, 13% said it as "severe" and impacting their ability to keep up their "current standard of living," according to Gallup. 

Serious young woman in glasses sit in living room pay bills taxes on laptop online, focused millennial female manage family expenditures expenses, plan budget on computer, make payment on web (iStock / iStock)

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In comparison, the percentage of U.S. adults saying rising prices caused financial hardship for their households was 49% in January of this year and 45% in November 2021, Gallup found.

Inflation — as measured by the Consumer Price Index (CPI) and the Personal Consumption Expenditures (PCE) Index — has recently been hovering at painfully high levels, though it cooled slightly in October.

Data released Dec. 1 by the Bureau of Labor Statistics showed the CPE index increased 0.3% month-over-month and 6% year-over-year in October. Meanwhile, the CPI went up 0.4% from September to October, rising 7.7% from last year, the Labor Department reported in November. 

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The Gallup poll also revealed what percentages of U.S. adults in three income levels said their households had faced financial hardship over inflation, with lower-income Americans seeing the highest percentage, at 77%.

Woman paying past due bills at home with laptop and calculator (iStock)

About 60% of middle-income adults reported rising prices causing hardship. Among upper-income Americans, less than half (42%) said inflation had done so. 

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The poll was conducted online among over 1,800 U.S. adults between Nov. 9 and 27 with a 3% margin of error.

Megan Henney contributed to this report.

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