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August 15, 2022 - A new poll by the Economist/YouGov has been released. The poll of 1,500 American adults was conducted last week and it has a margin of error of 2.9%. 95% of participants stated that they had been impacted by inflation and 56% of participants said that they had been impacted heavily. While disturbing, the results are not surprising given the current state of the economy.
According to official government numbers, the rate of inflation in July was 8.5%. While that's a reduction from the 9.1% June number, it is still significantly higher than the January 2021 number of 1.4%, and near a 40-year high. And while the overall month over month inflation rate has come down slightly, largely due to a reduction in fuel prices, some items have inflation rates that are significantly higher. Among these are grocery prices.
The inflation rate on groceries in July was 13.1%. The rate for electricity was 15.2%. The overall inflation rate for energy prices is up 32.9%. All of these numbers are compared to July of 2021.
This means that the average American household will have to spend an additional $8,600 this year just to maintain their standard of living. But average American wages are not rising that fast. This has led to a significant increase in credit card debt this year.
by Jim Malmberg
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Credit Issues 
