The soaring rate of inflation during the administration of President Joe Biden is having very real effects on American families, a new poll finds.
The poll by Echelon Insights found that 75% of parents are “extremely” or “very” concerned about the “rising cost of everyday purchases like food or gas.”
But the survey also found that inflation is altering the way Americans live. When asked, “Has recent inflation (increases in the price of gas, groceries, etc.) caused you to change any of your plans for what your children will do this summer?” 57% of those surveyed said yes while 37% said no.
Asked if their family has “changed or canceled plans for a family trip” because of inflation, 51% said yes. And 41% said they “changed or canceled activities for my children like camp or extracurricular activities.”
As for being able to spend time with their kids, 26% answered yes to the question, “I won’t be able to stay home with my children because I need to work extra hours.”
Inflation has been skyrocketing across the board, from gas prices to food costs to nearly every product. Earlier this month, billionaire investor David Rubenstein said Americans will likely be suffering from inflation for some time.
“Inflation, as we all know, when it gets in the system, it’s very hard to get it out,” he said on Fox News. “It takes a long time to get it out, can take a couple of years.”
“So now I don’t think the inflation rate this year will be what it was last month or so. I don’t think we’re going to have 8% annualized rate of inflation, but I suspect something around 5% is probably not unlikely, maybe even 6%,” he added.
Last month, the Labor Department announced the consumer price index (CPI), which measures what Americans pay for everyday items such as food and gas, soared to the highest level in 41 years. The CPI leaped 8.5% from a year ago, according to data released on April 14. Taking out food and energy, the CPI still increased by 6.5%.
“Price increases came from many of the usual culprits,” CNBC reported. “Food rose 1% for the month and 8.8% over the year. … Energy prices were up 11% and 32%, respectively,” while “Shelter cost, which make up about one-third of the CPI weighting, increased another 0.5% on the month, making the 12-month gain a blistering 5%.”
The White House has repeatedly sought to distance the president from soaring inflation, going so far as to coin a new term, “Putin’s price hike.”
When Biden took office, a gallon of regular gasoline was $2.37, according to AAA. The average price of a gallon of gasoline is now $4.59.