Americans Continue to Name Inflation as Top Financial Problem

The U.S. Bureau of Labor Statistics released the Consumer Price Index (CPI) report for September 2022 today. The CPI is a measure of the average change in prices paid by consumers for a fixed basket of goods and services over time.

According to the latest CPI report:

- The inflation rate rose 2.4% in September 2022, exceeding market expectations.
- Approximately 65% of the overall increase in the CPI was attributable to rising food prices.
- The second highest increase was driven by higher shelter costs.

Close behind is higher Energy and Insurance costs.

Despite the recent decline in inflation rates, public sentiment remains cautious. A Gallup poll indicates that 41% of Americans still view inflation as the most pressing financial issue facing their families, up from 35% the previous year4. This sentiment is particularly pronounced among older and middle-income demographics, highlighting a persistent anxiety regarding rising living costs despite improvements in wage growth and employment figures.