CPI & Inflation Rises, Americans’ Confidence Crashes
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Key Takeaways
- Trust in President Biden's approach to inflation and CPI may be wavering due to complex global challenges.
- Ongoing economic pressures and the perceived lack of innovative solutions may be causing some to question President Biden's ability to effectively manage inflation and the CPI.
- Sentiment among Americans towards the recent inflation report and CPI report is largely negative, with confidence in the market and trust in the Biden administration being affected.
- Outside of a thinning elite, most Americans are feeling the economic impact across political, racial, and geographic lines.
Our Methodology
Demographics
All Voters
Sample Size
31,000
Geographical Breakdown
National
Time Period
30 Days
MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article.
The recent inflation report and Consumer Price Index (CPI) report show a significant increase in prices. The inflation rate has soared, signaling a heightened cost of living for Americans. The CPI report, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, has seen a corresponding spike.
Sentiment among Americans towards these economic indicators is largely negative. This is not only rooted in the immediate impact of higher prices but also in a broader concern about the state of the economy. Confidence in the market is shaky, and this uncertainty seems to decrease public trust towards the Biden administration.
Along demographic lines, political affiliation plays a significant role in shaping sentiments. Democrats are more likely to view the situation as temporary or a result of global economic conditions. Republicans are more inclined to blame the current administration for the economic situation.
Race also plays a role in voter perceptions. Minority communities, particularly African Americans and Hispanics who are more likely to be in the lower economic strata, are feeling the brunt of the inflation more and struggling to get jobs. Their sentiment towards the current economic situation and trust in the government can be described as highly skeptical and frustrated.
The middle and lower classes are the most impacted by rising inflation. These groups are expressing a higher degree of dissatisfaction and are more likely to hold a negative perception of the market and the current administration.
Geographically, there is a negative outlook – but for varying reasons. In urban areas, where public transportation is more accessible, the impact of gas prices may be less felt than in suburban and rural areas where people rely heavily on personal vehicles. However, price increases on food and general cost of living have increased concerns about inflation for most Americans. The reasons for negative sentiment and a lack of confidence in the government vary among voter groups but are similar in terms of volume.
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Increasing prices, such as the surge in the national gas prices from $3.61 for regular, $4.39 for premium, and $4.05 for diesel since February 19, has also sparked concerns and discontent. These price jumps are impacting American households and businesses, particularly those in lower economic classes and in regions where commuting is essential.
Other timely economic indicators seem to mirror distrust and general dissatisfaction. Following the inflation and CPI reports being released, the Dow Jones Industrial Average dropped 300 points. Several news outlets are covering the issue despite a history of complying with President Biden’s request to cover economic news with more positively.
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