Where Have You Cut Back Most Because of Inflation? Take Our Poll

·1 min read
PhotoTalk / Getty Images
PhotoTalk / Getty Images

Inflation shows no signs of easing.

The May Consumer Price Index (CPI), released this month, showed an increase of 8.6%, the biggest rise since December 1981. The energy index is up 34.6% over the past 12 months and gasoline is up an even more astounding 48.7%.

Take Our Poll: Where Have You Cut Back Most Because of Inflation?

Over the past year, the prices of meats, poultry, fish and eggs have accelerated by 14.2%; beef and veal are up 10.2%, pork 13.3%, chicken 17.4% and eggs 32%. Traveling is much more expensive as well: Air travel costs have increased 37.8%, and hotel prices are up 22.2%.

The Fed has tried to slow inflation by raising interest rates twice in the past two months, including a 0.75% bump this week.

The latest Global Economic Prospects report from the World Bank projects that global growth will decrease to 2.9% in 2022, a significant flip from the 5.7% growth in 2021.

Where Have You Cut Back Most Because of Inflation?

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This article originally appeared on GOBankingRates.com: Where Have You Cut Back Most Because of Inflation? Take Our Poll