A Gallup survey showed that higher inflation is creating severe financial pressure for millions of Americans, who are responding to higher prices by cutting back on spending.
Former president of the Kansas City Federal Reserve Thomas Hoenig joined 'Maria Bartiromo's Wall Street' to discuss whether or not the Federal Reserve will raise interest rates again to continue bringing down inflation.
About 56% of respondents said they are feeling the sting of price increases, up from 49% in January and 45% in November. The latest figure includes 12% of Americans who described the pain as "severe," and 44% who called it "moderate." Lower-income Americans are still more likely to report severe hardship from rising prices, with 26% of those whose annual household income is less than $48,000 saying that steeper inflation is jeopardizing their standard of living. That compares with 12% of middle-income Americans and 4% of upper-income Americans. / Getty Images)
As Americans confront sky-high prices, they are responding largely by pulling back on spending: About 24% of those experiencing hardship from inflation said they are buying less in general, or only buying essential items. Another 17% said they are traveling less or canceling vacations, and an equal amount said they are trying to cut back on driving time in order to spend less on gas.
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