https://issuesinsights.com/2021/11/22/ii-tipp-poll-48-of-americans-see-much-higher-inflation-on-the-way/
It’s often said that Americans agree on almost nothing these days, a sign of the times. But that’s not entirely true. There’s one topic on which there’s near-unanimous agreement: Inflation. Americans of all political persuasions expect prices to shoot up over the next year.
The data are unequivocal: In our November I&I/TIPP Poll, 84% said “over the next year prices for gasoline, food, and other household products” would be “much higher” or “somewhat higher” than today. Only 8% thought they’d be lower, while 5% weren’t sure.
The big surprise comes from those who expect “much higher” prices (48%), compared to those expecting only “somewhat higher” prices (36%). Clearly, many people are preparing themselves for a slog against ’70s-style inflation at least for the next year.
These numbers come from November’s I&I/TIPP Poll of 1,306 adults, which was conducted online from Oct. 27-29 by TechnoMetrica Market Intelligence, I&I’s polling partner. The margin of error is +/-2.8 percentage points.
The I&I/TIPP data come during a raging policy debate among economists and pundits over whether current extreme gains in inflation mark the start of a long-term price rises, or just a “transitory” increase in response to recent government and Federal Reserve stimulus.
Inflation, as measured by the year-over-year monthly increase in consumer prices, has been surging since April of this year, when it jumped to 4.2% from the first quarter’s average rate of just 1.8%. At the time, many experts surmised it was “transient” or “temporary.”
However, since then, it’s move up sharply.