Most voters say high inflation is causing them financial strain, a new survey revealed.
A Wall Street Journal poll released on Tuesday found that 28% of voters believe higher prices are causing “major” financial strain and another 28% believe it is causing minor strain. An additional 32% said that while inflation isn’t a problem for them right now, it will become one if prices keep rising.
Just 11% of respondents said they aren’t concerned about prices.
More than half of those surveyed said gas and grocery prices were causing their biggest concerns. Twenty-five percent cited utility bills, and about the same number flagged housing cost increases.
BUSINESS ECONOMISTS EXPECT HIGH INFLATION THROUGH 2023
A plurality of voters, 39%, said they think policies from the Biden administration are the main cause of rising inflation, followed by 24% who pointed to supply chain snarls.
Voters also expressed pessimism about the future of the economy. Among those polled, 46% predicted the economy would be worse in a year, 30% said it will get better, and about 20% said it will be about the same.
The numbers were even more elevated in terms of inflation expectations. Just over half of voters predicted inflation will worsen over the next year, while fewer than 1 in 4 predicted it will abate over the next 12 months.
Inflation registered at 6.2% for the year ending in October, the highest level in three decades. The highly anticipated consumer price index numbers for November will be released on Friday, and forecasters predict that the rate of inflation will increase to 6.7% on a year-over-year basis.
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The Wall Street Journal survey also found flagging support for President Joe Biden. More voters said that if an election were held today, they would be more likely to cast their ballot for a Republican than a Democrat. Additionally, 57% said they disapprove of Biden’s job performance, with 46% strongly disapproving.