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Our monthly What Worries the World polling finds the majority of Americans think things in their country are on the wrong track these days (63% in July 2024, up from 58% who said the same five years ago in July 2019) and that the current economic situation in their country is bad (56% in July 2024 versus 43% who said the same in July 2019). |
And the stickiness of inflation continues to stick in the minds of the American people. 50% of Americans now say inflation is a top concern for their country, up five percentage points year-over-year. It’s key to note the CPI is set to be up cumulatively by just over 20% since 2020 by the end of this year and daily staples like the food-at-home category is on pace to have soared almost 28% over the past five years |
“I think the key thing that has been suppressing consumer sentiment has been inflation,” says Chris Jackson, Senior Vice President of Public Affairs for Ipsos in the US. “The cost of living has been a real drag for people. … Inflation has been the thing that’s front and center and what really dominates Americans’ minds, in particular, is those costs that they see regularly, like when they go and fill up their car at the gas station every week.” |
While inflation is down the cost of everything, from hot dogs to houses, soared during and after the pandemic while one’s wages didn’t necessarily keep up. Plus, the Fed has kept key interest rates at 5.25% to 5.5% for now, meaning the ultimate cost (including borrowing money for big-ticket purchases) remains quite high for many consumers. |
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