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Many Americans are suffering from sticker shock after seeing prices rise in recent months.
A new survey from Country Financial finds that 88% of Americans are highly concerned about inflation.
That’s as consumer prices soared to a more than 30-year record high in October, as measured by a 6.2% year-over-year change to the Consumer Price Index, a government measurement of how prices change over time.
However, retail spending also rose faster than expected in October.
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The poll by Country Financial, conducted between Oct. 22 and 25, found that many Americans do plan to cut back their spending. Of the 1,031 adults ages 18 and up surveyed, 48% said they plan to reduce their spending on restaurant meals and takeout.
Moreover, 30% said they plan to skip upgrading their personal technology devices, 29% said they will purchase less clothing, 20% are delaying or canceling travel plans and 13% plan to drive less.
The uptick in consumer spending that has happened thus far can be attributed in part to pent-up demand due to a combination a record level of cash some Americans were able to sock away while certain restrictions limited discretionary spending.
Often, the amount people spend also tends to go up with inflation by default as prices rise, said Scott Jensen, manager of…
