According to February’s Consumer Price Index (CPI) inflation rose to 7.9 percent the highest in over 4 decades.
According to MLive.com “The CPI listed rising gasoline, housing and food costs as the three major contributors to the rising overall rate,” the outlet said.
As many Americans are struggling financially just to put gas in their cars, the economy has become the top issue for a large swath of the populace. Many are getting upset at the administrations handling of the economy wanting the administration or congress to focus on the issue.
“The share of Americans who say inflation is causing a major financial strain on their families rose two points from November to 30 percent. Twenty-eight percent said inflation is causing a minor strain, even with November,” according to Breitbart News.
Increasing prices can result in consumers being more cautious, Tim Nash, who is the director of The McNair Center for the Advancement of Free Enterprise and Entrepreneurship at Northwood University, told MLive.com.
“Frugality and people being worried adds this spiral to the economy in the downward sense,” he commented. “It affects retail, it affects dining and it affects leisure, but then it begins to affect things like the purchasing of a new car or the purchasing of a new home.”
Overall inflation according to the report is costing Michigan families upwards of $300 dollars or more a month due inflation they did not have before