Poll: Skyrocketing Inflation Causing Financial Strains Across All Income Groups

Skyrocketing inflation is causing major financial strains across all income groups, according to a recent Wall Street Journal-commissioned poll.

The poll found that 64 percent of all U.S. registered voters say high inflation is placing a strain on their finances. Furthermore, 36 percent said it is placing a major strain on their finances — up four percent from August and up eight percent from last year.

Across household incomes, 26 percent of voters earning between $100,001 and $150,00 reported that surging inflation is imposing major financial pressures on their families, a seven percent increase from August and 12 percent from March.

Fifty-four percent of respondents earning under $60,000 say they were experiencing major financial strains, up three percent from August and seven percent from March.

“The share of Americans with household incomes $150,001 and higher who reported major financial strains because of inflation remained stable compared to August but rose significantly from March,” the Hill reported.

Earlier in the year, annual inflation hit a 40-year-record high but has come down slightly since. Still, inflation is up by 8.2 percent since last year, with other basic necessities, such as grocery prices, rising by 13 percent, gasoline by 18.2 percent, and electricity by 15.5 percent.

With the midterm elections set to occur Tuesday, the poll found that 48 percent of voters believe that congressional Republicans would be better at handling inflation compared to 27 percent who say Democrats would be. The Journal also noted that Republican voters are more motivated to vote in the midterm elections than Democrats.

Furthermore, 43 percent of voters say Republicans controlling the House and Senate would be the best outcome for the country, compared to 36 percent who say it would be if Democrats controlled both chambers.

The poll was conducted by Republican pollster Tony Fabrizo and Democrat pollster John Anzalone on behalf of the Journal. It surveyed 1,500 registered voters nationwide by phone or text between October 22 and October 26. The margin of error is +/- 2.5 percent.

You can follow Ethan Letkeman on Twitter at @EthanLetkeman.