A majority of Americans believe the key indicators of President Joe Biden’s economy, gas prices and inflation, will only get worse, according to a new YouGov poll.
More than 50% of those surveyed said that both gas prices and inflation will increase in the next six months, compared to less than one-fifth who said either would improve, YouGov found. Critically, independents had a slightly worse prognostication for the economy than Americans on average.
BREAKING: The US inflation rate rose 8.6% in May from a year earlier, surging past estimates to a 40-year high https://t.co/NS1CLQHyCW
— Bloomberg (@business) June 10, 2022
Fifty-eight percent of Americans, and 61% of independents, said gas prices would get higher in the next six months, and only 15% said they would get better. 51% overall, and 54% of independents, said they expect a higher rate of inflation, compared to just 14% who said they expect lower inflation.
The poll, released June 8, was conducted between June 4-7. It sampled 1,500 American adults and has a margin of error of 2.7%. (RELATED: Soaring Gas Prices Keep Michigan Police Department From Responding To Some 911 Calls)
Americans continue to rate both issues highly and blame Biden for them. 66% said inflation and prices are “very important” to them, and 69% said inflation had a negative impact on them personally. 44% said Biden bears “a lot” of responsibility for inflation, and additionally 31% said he bears “some” responsibility.
Friday, new data from the Bureau of Labor Statistics showed that consumer prices reached a 40-year high in May. The Consumer Price Index increased 8.6% year-over-year, driven primarily by surges in food and energy costs.