Eating out less often, taking from 401(k)s, buying medication overseas, choosing cheaper products—Americans say they are feeling the pain of inflation.
Monica Lomax, a 59-year-old resident of Elkridge, Maryland, has been feeling the pinch of rising costs.
She’s had to tighten her budget, especially for groceries and clothing. Now, her shopping trips are primarily for essentials, a necessary adjustment in her life to manage the financial squeeze.
“I was thinking about purchasing or downsizing into another home. But because the interest rates are still high, I’ve put that off,” she told The Epoch Times.
Many Americans like Ms. Lomax are putting off major life plans due to high inflation. Moving to a new home, buying new furniture, or booking a vacation now seem like distant dreams.
While some cling to the hope that things will eventually go back to normal, others fear that high inflation is here to stay.
Susan Garland, 47, from Elkridge, Maryland, believes inflation remains one of the top issues facing the country.
“We are definitely feeling it. We’re a two-person family. Our grocery bill is now over $100 a week,” she told The Epoch Times.
For more than 10 years, the Garland’s grocery bills used to be roughly $70 per week—before high inflation hit, she noted. She and her husband have had to cut back on spending on everything, from vacations to eating out.
Her husband, plumber Michael Garland, 53, says homeowners are also reducing their spending on services, which has a direct impact on his income.
“If they can’t afford services, they won’t call me, which affects my job,” he said.
The annual inflation rate has significantly dropped from its peak of 9.1 percent in June 2022 to 3.4 percent in April this year. However, it’s still above the Federal Reserve’s 2 percent target rate. Some economists are cautioning that high inflation might be the new normal and are advising Americans to brace themselves for this reality.
Dipping Into Retirement
Adding to the financial woes, an increasing number of Americans are being forced to tap into their 401(k) savings early to cover emergencies and basic expenses.
By Emel Akan
