Amid continuously increasing prices, most Americans are saying that inflation is the biggest issue facing the country more than any other concern, as per a survey from Pew Research.
Approximately 70% are saying that inflation is a very big problem for the nation.
84% of Republicans and right-leaning independents expressed that inflation is the top issue. 57% of Democrats and left-leaning independents were concerned about rising prices.
Inflation is hovering close to a 40-year high, recorded an 8.5% yearly increase in March.
U.S. households are spending approximately $341 per month more than a year earlier, according to a report by Moody’s Analytics.
Continuous high inflation has led to aggressive action from the central bank. Central bank Chair J Powell expressed that he can’t guarantee a soft landing for the economy.
The central bank has received criticism for not responding to inflation earlier.
Former Fed Chair Ben Bernanke said, “The question is why they delayed that. Why did they delay their response? I think in retrospect, yes, it was a mistake. And I think they agree it was a mistake.”