New Study: 60% of US Consumers Have Cut Spending Due to Inflation

With inflation reaching a 40-year high in June, nearly all consumers report noticeable increases in the cost of everyday purchases. PYMNTS’ research finds that 92% of consumers have noticed higher product prices, while 74% saw increases in their monthly bills. Consumers across all income levels cited increases in products or bills at similar rates, but financially struggling consumers were more likely to consider such increases to be widespread and distressing.

As a result of such inflationary pressures...