Report: Even as Inflation Declines, People in the U.S. Seek Ways To Cope
In May 2023, the annual inflation rate was 4.1%, down from 8.5% one year prior. Yet despite declining inflation rates, many in the U.S. were still feeling the crunch. Previous studies show that the American public continues to be concerned about inflation, but there has been little investigation into how they are adjusting their finances to cope with inflation-related price increases.
According to data collected from April through June of 2023 by the Financial Health Network as part of its Financial Health Pulse® study, 90% of people reported using at least one of 11 specific coping strategies in the last year to deal with the impact of recent price increases.
Photo courtesy of Francisco Osorio.