Rapidly rising high inflation rates are causing Americans to feel insecure about dipping into their emergency savings, according to a June 23 survey from Bankrate.com.
The rise in everyday living expenses due to inflation throughout the country has forced Americans to reassess their household budgets.
Inflation in May hit a 40-year historic high, forcing the Federal Reserve to boost interest rates in order to slow down the economy to control prices.
The consumer price index rose by 8.6 percent in May, according to the June 14 U.S Bureau of Labor Statistics report.
Some 63 percent of U.S. households have recently cut back on consumer spending, while 57 percent spent less on groceries, and 44 percent are reducing gas expenditures, according to a study from Breeze….