More Americans are dipping into their savings in order to make ends meet amid crippling inflation, according to new data published in the Country Financial Security Index.
The data come as the overall pace of annual inflation eased to 6.4 percent in January, down slightly from 6.5 percent in December 2022, according to the Bureau of Labor Statistics (BLS).
However, that was still higher than the 6.2 percent economists had anticipated and was up 0.5. percent month over month, while the cost of food remained stubbornly high.
According to the latest data (pdf), 27 percent of U.S. households within the past year reported taking money out of their savings because of their financial situation, while 54 percent have used their savings to pay for everyday expenses such as utilities, food, and rent….