Virtually all people in the United States, 88%, believe inflation is here to stay and will soar more, continuing a troubling trend under President Joe Biden.
While the White House has given conflicting signs about the inflation potential, projections shared with Secrets from the Statista Research Department show it increasing at about 2.5% through 2024 and “tapering off” by 2026. It’s currently at about 5.4%.
And people are feeling the heat, paying 45% more for gas, 44% more for fuel oil, 5.6% more for milk, and even 8.4% more for bacon.
Here are the items really driving up inflation:
Car rental 87.7% (y/y change)
Used cars 45.2%
Gas 45.1%
Laundry machines 29.4%
Airfare 24.6%
Moving 17.3%
Hotels 16.9%
Furniture 8.6%
Bacon 8.4%
TVs 7.6%
Fruit 7.3%
Shoes 6.5%
Fresh fish 6.4%
New cars 5.3%
Milk 5.6%
Rent (OER) 2.3%— Heather Long (@byHeatherLong) July 13, 2021
As a result, many are bummed out and ready to sock it to politicians. The hashtag #Bidenflation has been trending recently.
In a new Skynova survey provided to Secrets today, 61% said that inflation will hurt them overall and especially whack the elderly, young, and middle-income families.
Few are not concerned about the impact. Skynova said that 83% are at least somewhat concerned about it.
In one of the highest numbers in the survey from Skynova, an online invoicing firm, 88% said that they consider inflation an important political issue, a sign to Washington that politicians should take notice.
The survey, and others like it showing voter concerns about higher prices, come as Biden and House and Senate Democrats are looking to spend $6 trillion more on everything from healthcare benefits to immigration and infrastructure.
Republicans, meanwhile, are trying to hold the line on spending and taxes, fearing it will supercharge inflation.
“Most respondents were familiar with the concept of inflation, and based on their knowledge, the majority expected price levels to rise in the short term. Compared to other societal issues like politics, inflation was agreed to be a relatively important topic to consider in all cases,” said the analysis of the survey.
