Three out of 4 middle class households report falling behind the rising cost of living as inflation continues to soar, according to a new poll.
Primerica released the report, which found that 75% of middle-income families “say their income is falling behind the cost of living,” an eight-point rise since March. The poll found only 16% of those surveyed think they will be better off financially in a year.
Surveyed American middle-income families cited inflation as a top concern. The U.S. Bureau of Labor Statistics’ latest federal inflation data showed a 9.1% increase in consumer prices in the past year and a rise in the producer price index of more than 11%, nearly the highest ever recorded.
“Concern about the economy continues to be a major stressor, with about 41% rating inflation as their top concern,” the group said. “Being able to pay for food and groceries also ranks high (26%, up four percentage points since March) as does their current financial situation (25%, up eight percentage points since March).”