The poll from NBC News asked, “Do you think that your family’s income is … going up faster than the cost of living, staying about even with the cost of living, or falling behind the cost of living?”
In response, 62% of those polled said “falling behind” while only 6% said their income is “going up faster” than the cost of living.
That poll comes as new inflation data released Thursday showed another significant increase. The Bureau of Economic Analysis released data for the Personal Consumption Expenditure (PCE), a key inflation metric for the Federal Reserve, reporting the biggest increase in nearly 40 years.
“The PCE price index for February increased 6.4 percent from one year ago, reflecting increases in both goods and services …” BEA said. “Energy prices increased 25.7 percent while food prices increased 8.0 percent. Excluding food and energy, the PCE price index for February increased 5.4 percent from one year ago.”
Figures like these are at least part of the reason the Federal Reserve announced a 0.25% interest rate hike and said six more increases are on the way. The increase is meant to decrease inflation but can have a serious negative impact on the economy.
At the same time, mortgage rates have risen and are expected to continue to increase along with the Federal Reserve rate.
A recently released Emerson College March national poll reports that the majority of Americans feel the pain of higher prices.
“Eighty-three percent (83%) of voters say they are experiencing some hardship due to increased prices on everyday items, with 40% reporting significant hardship, and another 43% reporting some hardship,” the poll said. “Seventeen percent (17%) report experiencing no hardship. When asked about who they blame for an increase in gas prices, a plurality (39%) blame the Biden Administration, 21% blame the sanctions on Russia, and 18% blame gas and oil companies.”
Even worse for President Joe Biden, many voters blame the administration’s policies for rising prices.
“President Joe Biden’s policies have increased inflation, according to a majority of voters, who expect the issue to be important in November midterm elections,” Rasmussen Reports said in a recent poll. “The latest Rasmussen Reports national telephone and online survey find that 64% of Likely U.S. Voters believe the policies of Biden’s administration have increased inflation, while only eight percent (8%) think Biden’s policies have reduced inflation. Another 25% say the Biden administration’s policies have not made much difference in inflation.”