Plurality predicts higher inflation, gas prices six months from now

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A plurality of Americans predict inflation will rise and gas prices will be higher six months from now, a survey suggests. economist/uGov found.

A plurality, 46 percent, to accept Six months from now the rate of inflation will be higher at 21 per cent as compared to those who said it would be the same. Just 18 percent said it would be low, and 14 percent remained unsure.

Democrats’ outlook is the most positive, as more than a third, 34 percent, believe the inflation rate will be lower in six months. However, 51 percent of independents and 64 percent of Republicans believe it will be higher.

The survey also asked respondents where they believed gas prices would be in six months. A plurality, 37 percent, predicted they would be higher, followed by 28 percent who said less, 22 percent said the same, and 12 percent who were unsure.

Overall, the economic outlook among Americans is not good, with 45 percent saying the economy is “shrinking,” while only 18 percent said it was growing.

The survey was taken August 7-9, 2022 among 1,500 US adults and coincides with Wednesday’s report from the Department of Labor show Inflation rose by 8.5 percent in July:

Economists had expected the CPI to grow at an annualized rate of 8.7 percent, down from 9.1 percent in June. He expected a month-on-month growth of 0.2 per cent, a sharp drop from the 1.1 per cent recorded in June.

Inflation has hit American households heavily by raising prices for everyday necessities such as food, gasoline, housing, transportation, and utilities. A sharp fall in the price of gasoline in July, which retreated from the previous month’s record high, helped bring down the overall rate of inflation. The index for petrol fell 7.1 per cent in July. The gas index is up 44 per cent compared to a year ago.

However, everyday objects have Risen Over 8.5 percent, as shown by the Consumer Price Index summary, up 10.9 percent in food and 32.9 percent in energy over the previous year.

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