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Americans are pulling back on spending as high prices persist
A growing number of Americans are cutting back on spending due to persistent inflation, with 62% reporting that their purchasing power has decreased and 82% saying their money doesn’t stretch as far as it used to, according to a study by Empower.
Rising prices for essentials like food, rent, and auto insurance are leading many to reach their spending limits, with 27% saying they won’t pay more for grocery staples and 20% of Gen Z shoppers willing to cut fruits and vegetables if prices rise further.
Under President Biden, inflation reached a 40-year high, prompting the Federal Reserve to hike interest rates, which in turn pushed mortgage rates above 8%, Fox Business has reported.
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#Economy #Inflation
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