Concerns over inflation drive down Americans’ confidence in economy: poll

Concerns over inflation are helping tamp down Americans’ confidence in the economy, according to a new poll released on Wednesday.

A new Gallup poll shows that Americans have low levels of confidence in the U.S. economy, with just 2 percent of respondents rating the current economic conditions as excellent and only 18 percent of those polled saying it is good.

In comparison, 42 percent polled rate current economic conditions as poor, and 38 percent rate them as fair. 

While 20 percent of Americans say the economy is improving, roughly three-fourths of Americans — 76 percent — say it is getting worse.

Averaging out the net ratings of respondents on the current conditions of the economy, Gallup’s Economic Confidence Index showed it at -39 for April, which has a theoretical range between 100 and -100.

That index score remains the same as it did in March — also at -39 — but is a decrease in respondents’ net ratings of the current conditions of the economy from earlier this year, including a score of -26 in January and -33 in February.

Inflation was cited by respondents as the most important economic problem facing the U.S. Seventeen percent of respondents say the high cost of living is the most important problem facing the country, followed next by 12 percent who say the economy in general.

Fewer respondents — 6 percent — reported fuel and oil prices as the top problem.

Overall, Gallup notes that economic issues were noted by about 40 percent of respondents as the top issue facing the country.

The development comes as inflation remains persistently high in light of a more than two-year pandemic and in the midst of a large-scale conflict between Russia and Ukraine that is threatening to raise prices on consumer goods.

The Gallup poll was conducted April 1-19 with 1,018 adults. The margin of sampling error is plus or minus 4 percentage points with a 95 percent confidence level.