“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 “Excluding a decline in energy prices — which appears outdated by this point — the increases remain widespread.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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