A majority of surveyed American families are worried about inflation and are changing their summer vacation plans because of it, according to newly released polling data.
The poll, from Echelon Insights, found that “75% of parents say they are concerned about the rising cost of everyday purchases like food or gas.”
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President Joe Biden’s recent action to address record-high gasoline prices will have a bare minimum impact on consumers, saving some American families a few dollars a month.
Biden issued an emergency waiver Tuesday allowing gas stations nationwide to sell gasoline with 15% ethanol (E15), pausing a federal environmental regulation that prohibits the corn-based biofuel mixture during the summer months to limit smog. American consumers are currently facing record-high pump prices and soaring inflation at levels not seen since 1981.
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A new report estimated the annual cost of elevated inflation this year will be around $3,500 per household.
The Wharton School of the University of Pennsylvania, one of the nation’s leading business schools, released the report, which estimated much higher costs for American families because of inflation that has risen this year at the fastest rate in decades.
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