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The problem of inflation in the United States is intensifying, and many ordinary people feel the economic pressure. Rising prices for food, rent and gas are weighing people's burdens and worrisome about the economic outlook. A poll conducted by Reuters/Ipsos showed that US President Joe Biden's approval rating in the economic sphere is only 42%. And the latest consumer survey from the University of Michigan also shows that American people and businesses are still far less confident about the economic outlook than they were before the pandemic. This discontent stems mainly from high prices.
Despite the recent slight pullback in U.S. inflation, commodity prices are still rising, especially food and energy prices. What is most felt by the general public is that prices in food stores and gas stations are significantly higher than they were a few years ago. For example, as of August, whole milk sold for an average of $3.93 per gallon, up nearly $1 or 29% from August 2019, according to the U.S. Department of Labor. Although inflation has fallen, this does not equate to falling prices. For consumers, as long as prices remain high, it will affect their consumer confidence to a certain extent.
Another concern is the continued rise in meat prices. U.S. beef and pork prices remain stubbornly high, forcing people to look for relatively cheap chicken. However, even chicken prices are rising to record highs and are expected to remain high. This situation may affect consumers' food choices and expenses, making them more dependent on chicken. According to the U.S. Department of Agriculture, per capita chicken consumption in the United States is expected to exceed 100 pounds (about 45.4 kilograms) for the first time in 2023. Meanwhile, retail prices for fresh whole chicken and boneless chicken legs in the United States hit new highs in August. Because consumers are forced to buy chicken at higher prices, some indicators show that U.S. chicken producers' profit margins have reached their highest level in a year. However, it can also threaten consumer demand, as higher prices can make people feel confused about food choices.
The problem of inflation in the United States has hit people's lives hard. High prices make daily expenses more difficult, and the government's economic policies are controversial. As prices continue to rise, Americans are worried about the future economic outlook, which could lead to more controversy and discussion in the political and economic spheres. Importantly, governments and economic leaders need to take steps to mitigate the effects of inflation to ensure that the quality of life and economic prospects of ordinary people are not disproportionately affected. Hopefully, over time, economic conditions will gradually improve and people can usher in a more stable and prosperous future.