Most Americans see the effects of inflation, a survey says, and many don’t expect any relief.

Most Americans report seeing the effects of rising inflation, according to a new survey, and many are cutting spending in certain areas. (istock)

Most Americans are beginning to see the impact rising inflation is having on their wallets, according to a new survey from the market research company. Essential facts.

Inflation rose to another new high in 40 years in February, during which the Consumer Price Index (CPI) rose to 7.9% annually. It marked the largest increase in the rate of inflation since January 1982, according to the US Bureau of Labor Statistics (BLS), and also surpassed records set the previous two months.

Nearly all respondents to the Datassential survey (96%) said they are seeing signs of higher prices in the US economy beginning in March 2022, up from 82% in May of last year. Specifically, more women (97%) than men (96%) said they see the effects on the broader economy, and 99% of Boomers said they do, too.

The Federal Reserve is raising interest rates for the first time since 2018 as a way to fight inflation. If you’re looking to pay off high-interest debt before rates go up, you might consider getting a personal loan. Visit Credible to find your personalized interest rate without affecting your credit score.

INFLATION RISE TO ANOTHER 40-YEAR HIGH IN FEBRUARY

How long will inflation last? Americans prepare for the long haul

As inflation continues to rise, many Americans expect it to not drop any time soon, according to the survey. About two-thirds of US consumers said they don’t expect relief from inflation until at least the end of the year. Forty-three percent said they expect inflation to last until 2023, or even longer.

This consumer sentiment appears to be in line with Treasury Secretary Janet Yellen’s prediction that inflation will likely remain “very uncomfortably high” for another year.

“We’ve seen a very significant increase in gas prices, and I guess next month we’ll see more evidence of an impact on US inflation from Putin’s war against Ukraine,” Yellen said during an interview on “Closing Bell.” CNBC.

Consumers who want to take advantage of current interest rates before they rise might consider taking out a personal loan to pay off high-interest debt. Visit Credible to compare multiple lenders at once and choose the one that offers you the best interest rate.

YELLEN SAYS INFLATION IS ‘LIKELY’ TO BE ‘VERY UNCOMFORTABLELY HIGH’ FOR ANOTHER YEAR

Strategies to help reduce costs as inflation rises

Inflation has made many staples more expensive, and reductions in these areas can minimize consumers’ exposure to rising inflation and lessen financial uncertainty. According to the Datassential survey, some areas where consumers say they have reduced their spending include restaurant meals, travel and gasoline. Specifically, 49% of respondents said they have reduced spending on restaurants, 37% on travel, and 32% on gasoline.

It should be noted that the national average price of gasoline remains above $4 per gallon, according to Triple-A. That’s almost $2 more than the average price of regular gas in 2021.

As consumers look to cut back on spending, there are other areas they can consider, such as refinancing their loans. Current owners can refinance your mortgage potentially save hundreds of dollars on your monthly payments, and student loan borrowers can also consider refinancing to lower your monthly payments.

Paying off high-interest debt can also help free up your monthly budget. A personal loan can be helpful in consolidating any debt you may have, in addition to paying for large expenses or home improvements. Contact Credible to speak with a loan expert and get answers to all your questions.

Do you have a finance-related question, but don’t know who to ask? Email the credible money expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.

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