Two-thirds of Americans are cutting back on restaurants and movies, 61% are driving less, four in 10 say they are spending less on restaurants and a third are using more credit cards as record 40-year high inflation hits home

  • People are increasingly skipping Friday-night treats like movies and restaurants as inflation bites into paychecks
  • More than 4 in 10 are spending less on groceries, even cutting back on such staples as bread, milk and eggs
  • Cash-strapped Americans in Wisconsin, Illinois and Kansas told of the painful cutbacks they had been forced to make
  • One family has resorted to switching off lights and air conditioning because energy prices are so high
  • Joe Biden’s friendly fist-bump with Saudi petro-royal Mohammed bin Salman did not immediately lead to boosted oil supply

Nearly two thirds of Americans have cut back on restaurants, movies and other fun nights out, according to a survey offering the latest snapshot of how 40-year-high inflation is causing widespread economic pain.

Some 65 percent of respondents said they were spending less on concerts and other types of entertainment, while another 61 percent said they were driving less — with the average cost of a gallon of regular gasoline still above $4.50.

More than 4 in 10 are spending less on groceries, according to the CNBC All-America Economic Survey of 800 people earlier this month, and about a third are using their credit cards more often to make it through the crunch.

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Shoppers are spending less on everyday basics like bread, eggs and milk as well as processed goods like juice boxes, according to another study by NielsenIQ. Cereals alone have risen in price by a jaw-dropping 15.1 per cent.



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