Inflation Is Americans’ Top Financial Concern, New Survey Shows

Americans can’t shake their inflation fears.

Two-thirds of U.S. adults say inflation is their biggest financial concern, according to a survey released Monday by Northwestern Mutual, and more than half believe inflation will increase this year.

More than half of respondents to the survey said inflation is rising faster than their household income: Over 80% said they have experienced higher grocery bills in the last three months; nearly seven in 10 experienced elevated utility costs; and 60% have had sticker shock at the gas pump. The survey, conducted in mid-January, was taken by more than 4,600 American adults.

Another fresh reading, from the New York Fed, indicates that Americans in February anticipated inflation getting worse over the next 12 months.

“Economists often talk about how inflation is ‘sticky,’ meaning it takes time to reverse a broad economic cycle,” said Northwestern Mutual Chief Field Officer John Roberts. “Our study findings show that inflation is sticky at the individual level too—it remains top of mind for people, and they get reminded of it often in their daily lives.”

The next big read on inflation, the Consumer Price Index report for February, is scheduled for release Wednesday morning. (Here’s what to expect.) The National Retail Federation’s monthly tracker of retail sales indicated a slight retreat in February from January.