As the U.S. experiences the highest inflation levels seen in 40 years, News5 would like to know if you are examining making decisions around your employment to make ends meet.
We're following this survey throughout the day and into tomorrow. Tune in to News5 at 4 p.m. as we review the results!
Editor's note: This survey is not based on scientific, representative samples and is solely for KOAA purposes.
Inflation rises at fastest pace in 40 years, new Consumer Price Index data shows
Record gas prices are to blame for the highest inflation levels the U.S. has seen in 40 years. The Consumer Price Index reached 8.6% for the 12 months leading up to May of 2021.
That’s higher than the pace recorded in April. Other goods that have gone up in price include food, rent and used cars.
When not accounting for volatile food and energy prices, the CPI recorded a 6% increase for the period ending in May.
On Friday, benchmark U.S. crude oil gained 82 cents to $122.33 per barrel and the AAA auto club reported the national average for a gallon of regular gas in the United States hit $4.99.
Meanwhile, President Joe Biden is expected to speak on inflation on Friday afternoon.
Inflation causing 25% of people in US to delay retirement, survey shows
About 25% of Americans will need to delay their retirement due to inflation rising, a new survey showed.
BMO Harris Bank conducted its poll from March 20 to April 25.
It found that, due to prices rising on everyday products, younger people’s retirement funds will be affected the most.
More than half of people between the ages of 18 and 34 said they’ve had to reduce contributions to their savings.
About a third of Americans have reduced how much money they put into their savings and about one-fifth have reduced their retirement savings, according to the survey.
Experts who were part of the survey recommend people seek advice from a financial expert on how to successfully manage personal finances and maintain momentum toward their financial goals.
Treasury secretary says inflation is here to stay
Secretary of the Treasury Janet Yellen told members of Congress Tuesday that she expects high inflation to persist after initially saying the increase in costs would be “transitory.”
Yellen cites COVID-19 variants, the war in Ukraine and shutdowns in China as factors in rising inflation.
“There's no question that we have huge inflation pressures that inflation is really our top economic problem at this point,” she said. “And that it's critical that we address it. So, I do expect, I do expect inflation to remain high, although I very much hope that it will be coming down now."
Yellen rejected arguments that corporate greed was causing inflation.
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