Inflation rates keep climbing which is causing Americans to cut back on their spending.
“The pace of price increases moderated, but not as much as expected,” said Greg McBride, chief financial analyst at Bankrate, in a note. “Excluding a decline in energy prices — which appears outdated by this point — the increases remain widespread.
“With the annual rate ticking down from 8.5% to 8.3%, it can be tempting to say we’ve seen the peak, but we’ve also been head-faked before as was the case last August.”
If price pressure continues, more than 50% of adults say they’ll cut back spending on dining out and will consider reducing that further, according to the CNBC + Acorns Invest in You survey, conducted by Momentive. The online survey of nearly 4,000 adults was taken March 23-24.
People are also cutting back on driving and subscriptions and some are canceling vacations, the survey found.
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