As the price of goods and services continue on a skyward trajectory due to inflation, Americans experiencing sticker shock are deciding to adjust their daily habits.

The recent wave of SPN’s State Voices poll illustrates Americans concerns and reactions to rising costs in their day-to-day lives. Nearly all registered voters have some level of concern about inflation: 45% of voters are extremely concerned, 28% are very concerned, and 21% are somewhat concerned.

How does party identification impact concern for inflation? 58% of Republican voters responded that they are extremely concerned by inflation, versus 36% of Democrats. Among Independents, 42% responded that they are extremely concerned by inflation as well.

With the national average for gas at $4.60, and prices for pantry staples on a continued upward surge, many Americans are making the tough decision to reign-in household spending. Nearly a third of voters responded that they are making major cutbacks in spending, with nearly half responding that they are making minor cutbacks.

Voters were also asked about the impact that state tax relief would have on their personal financial circumstances. When broken down by party identification, Democrats are more likely to believe in the benefits of tax relief (71%).

Undoubtedly, inflation is proving to be burdensome to business and households alike. However, there are policy solutions available to mitigate the impact of inflation. State tax relief is viewed positively by voters and can provide a safeguard against the quickly-increasing cost of living.

Key Messaging Takeaway for State Think Tanks:

Inflation concerns grip most of the country, and a majority have made cutbacks because of the current economic condition. State tax relief is popular, but large segments of the population need to better understand how it would work.