Federal Reserve Admits The Obvious: Inflation Is Hammering Americans

FILE - In this May 10, 2020 file photo, a shopper pushes his cart past a display of packaged meat in a grocery store in southeast Denver. Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy's inflationary pressures cooled last month. Thursday’s report from the Labor Department showed that the producer price index — which measures inflation before it reaches consumers — declined 0.5% in July. (AP Photo/David Zalubowski, File)

Americans are feeling the pain of high prices, according to new federal data.

The Federal Reserve Board on Tuesday released its Survey of Household Economics and Decisionmaking, which showed Americans report that they are doing worse than before the COVID-19 pandemic and they cite inflation as a top concern.

“Despite the moderating pace of inflation, many adults continued to indicate that higher prices were a challenge in managing their finances,” the Federal Reserve said.

The report found that 31% of Americans say they are doing worse off financially than they were 12 months ago, down from the high point of 35% last year, but still much higher than recent years, which ranged from 17-24% during the Trump administration.