Inflation down, but Americans still feeling the pinch
- The inflation rate has fallen to 3%
- However, Americans are still feeling the pain of inflation
- Survey: Americans feel they need to make $233,000 to be financially stable
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WASHINGTON (NewsNation) — Inflation is down to 3% as of last month, cooling for the 12th straight month.
This could be a turning point for the Fed, which is still expected to raise interest rates later this month. But this news increases the odds that the rate hikes could stop after that.
Inflation exceeded 9% a year ago with gas prices averaging $5 per gallon. But prices have begun to drop. Prices for used cars and airfare are down, which is great news for consumers after years of paying painfully high prices.
President Joe Biden celebrated, stating, “Good jobs and lower costs: That’s Bidenomics in action. Today’s report brings new and encouraging evidence that inflation is falling while our economy remains strong.”
Still, polls indicate that Americans might not be feeling the impact of inflation slowing down.
A recent NewsNation/Decision Desk HQ poll found that inflation still ranks at the top on voters’ list of issues they’re concerned about.
A CNN poll from May found that three-quarters of Americans think the economy is in bad shape.
And a new Bankrate survey revealed that more than 2,500 U.S. adults said they’d need to earn $233,000 a year on average to feel financially secure. More than double that number said they would need to earn about $483,000 to feel rich or attain financial freedom.
Republicans have been attacking “Bidenomics” and the president taking credit for this new inflation report.
Sen. Ted Cruz (R-Texas) tweeted that Biden was bragging about bringing down inflation that he created.
