The inflation wave that crested at a 40-year high last year and remains elevated has eroded U.S. households' sense of financial security, the Federal Reserve reported Monday, with many saying they had reduced their savings to make ends meet, felt less secure about retirement, and had delayed purchases or swapped into cheaper products as they shopped.
In an annual survey showing the corrosive effects of inflation on Americans' economic confidence, the Fed said the percentage of respondents who said they were doing "at least okay financially" in 2022 tumbled by 5 percentage points - the most since the survey was launched a decade ago - to 73%. It had stood at a record high the year before.
With a 2024 presidential campaign already in its early stages, the survey also suggested Americans' souring mood about their own finances carried over to their view of the national economy. Annual inflation as measured by the Consumer Price Index peaked at 9.1% last summer, the highest since the early 1980s, and remains elevated now at 4.9%. Fed officials have raised interest rates aggressively in response and have repeatedly expressed their determination to bring inflation to heel by whatever means necessary.
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