Inflation in the US has risen to decades-high levels. According to the Congressional Joint Economic Committee, prices increased by 13.3% between January 2021 and July 2022, resulting in a $717 increase in monthly spending for the average American household. Driven by a number of factors – including Russia’s invasion of Ukraine and supply chain restrictions related to the COVID-19 pandemic – the inflation crisis is weighing heavily on American consumers.
In addition to the significant impact historical levels of inflation have on household finances, they also take a psychological toll. A recent poll by the US Census Bureau found that 46.9% of American adults found inflation over the past two months to be “very stressful” and another 27.5% found it “moderately stressful.” However, these proportions vary significantly from state to state.