After nearly three years of stubbornly high inflation, the rate of price increases in the U.S. finally appears to be slowing down, closer to historical norms and the Federal Reserve’s target inflation rate of 2%. However, prices continue to rise, and consumers are still feeling the cumulative effects.

These are the key takeaways from the study for Georgia:

• $1 today has the same purchasing power as just $0.85 in January of 2021.

• In 2022, 35% of U.S. adults reported that they were doing worse off financially than 12 months prior. That figure was up from 20% in 2021 and 14% in 2019, the last year before the COVID-19 pandemic.

• The latest data shows nearly half of Americans (47.9%) are very stressed about price increases now. Another 47.1% report being moderately or a little stressed.

• In Georgia specifically, 52.2% of adults reported feeling very stressed about price increases, while 20.9% of adults are finding it difficult to cover their usual expenses.

• Additionally, 62.3% are concerned about future price increases.

• Overall, Georgia has the 7th largest share of residents feeling very stressed about inflation.

Inflation weighs heavily on the public’s mind when judging the current state of the economy. Though the United States continues to add jobs and experience wage growth, these encouraging trends have not shaken U.S. adults’ feelings of financial difficulty. According to surveys conducted by the Federal Reserve, 35% of U.S. adults in 2022 reported that they were doing worse off financially than 12 months prior. That figure was up from 20% in 2021 and 14% in 2019, the year preceding the COVID-19 pandemic.

Other recent data confirms Americans’ gloomy view of the economy. In surveys from the third quarter of 2023, nearly half of Americans (47.9%) stated that they were very stressed about price increases within the past two months, while another 47.1% reported being moderately or a little stressed. Expectations for the near future are similarly pessimistic: 57.5% of Americans say they are very concerned about price increases in the next 6 months, and just 5.1% say they are not at all concerned.

For the full results visit usmoneyreserve.com