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.

read more: https://www.foxbusiness.com/economy/the-big-shrink-americans-pulling-back-spending-high-prices-persist

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