Nearly half of Americans experiencing financial hardship due to inflation: poll

Nearly half of Americans in a new Gallup poll reported that recent price increases are causing their family some degree of financial hardship, with 10 percent describing the hardship as severe.

Overall, 45 percent of respondents said that they are facing financial hardships related to increased prices.

Gallup said lower-income households are likely to have been hit especially hard by the recent price increases, with 71 percent of households making less than $40,000 a year saying inflation has caused hardship. Twenty-eight percent of this group described the hardship they are experiencing as severe, saying it affects their ability to maintain their current standard of living.

In contrast, only 47 percent of middle-income households and 29 percent in upper-income households report that inflation has caused hardship.

Americans who received less education also report financial hardship following price increases.

Just under 55 percent of U.S. adults without a college degree say inflation has caused financial hardship, with 30 percent of those with a college degree saying the same. 

Gallup noted that there are slight differences in inflation-related hardships along partisan lines. Democrats are less likely to report financial hardship compared to Republicans and independents.