Americans are becoming more worried about inflation than ever following the Federal Reserve and the federal government’s unprecedented response to the virus pandemic downturn by plowing trillions of dollars into the economy. As a result, prices of financial assets and items in the real economy have soared over the last year which a new survey reveals three-quarters of consumers are concerned about inflation.
With the Federal Reserve turning a blind eye to rapid price increases, consumers are finding it unavoidable to avoid higher prices at the gas pump or supermarket. A CivicScience survey of more than 2,600 respondents found that 77% were somewhat concerned about inflation.
Much of the inflation concerns were based on younger respondents. About 52% of respondents aged 18-24 were “very concerned” about inflation, 50% of the 25-34 aged respondents were “very concerned,” and 48% of 35-54. Surprisingly, baby boomers aged +55 were only at 37%.
Meanwhile, Cleveland Fed President Charles Evans said some increase in inflation would be welcome. “Too low inflation is no good,” he added.
But for the millions of working-poor Americans still collecting pandemic insurance checks, soaring prices have been much of a nuisance.