A vast majority of Americans expect the rising inflation that has struck the economy to persist for at least the next six months, according to a poll conducted this month.
The poll, which Gallup released on Wednesday, found 79 percent of respondents believe inflation will go up over that period. Fifty percent said they expect inflation to increase "a lot."
Half of Americans said inflation, which is at its highest point since 1982, has caused hardship for their family, Gallup found. Inflation has impacted nearly every sector of the economy: Energy prices are up nearly 50 percent from last year, and spikes in food prices have forced many fast-food restaurants to get rid of value deals and other restaurants to hike their menu prices dramatically.
Americans overwhelmingly expect the government to pump the brakes on the economy amid high inflation, according to Gallup, with 78 percent reporting they expect interest rates to rise over the next six months.
Inflation, the continued COVID-19 pandemic, and legislative failures in Congress, among other factors, have driven President Joe Biden's approval rating to a low of 41 percent. Biden reacted testily this week when asked by Fox News's Peter Doocy whether inflation is a "political liability."
The president responded, "No, it's a great asset—more inflation. What a stupid son of a bitch."