Inflation, economy top Americans’ list of concerns: Gallup

High inflation and the state of the economy remain at the top of the list of Americans’ biggest concerns, according to a new Gallup poll.

The poll, released Thursday, showed at least 60 percent of respondents said they have “a great deal” of concern about inflation and the economy. The percentage increased by 2 points for both categories from a poll taken last year. 

Pollsters found a majority also said they are worried a great deal about crime and violence, the availability and affordability of health care as well as federal spending and the budget deficit. The percentage greatly concerned about drug use saw the biggest increase from last year, rising 8 points — from 38 percent to 46 percent. 

Despite concerns about the economy in general, unemployment was at the bottom of the list of 15 key topics polled by Gallup, with 32 percent of respondents saying they were greatly worried about joblessness.

Gallup has only included inflation on its list of topics last year and this year, but it topped the list along with the economy both times. 

It has tracked concerns about the economy since 2001. The highest percentage said they were greatly concerned about the economy in 2011 and 2012, with 71 percent saying they were, while the lowest percentage was 33 percent in 2019 and 2020, mostly before the COVID-19 pandemic.

Gallup noted in its analysis that Americans are usually more concerned about economic challenges when they exist more so than any other issue. 

“And that is the case now, with elevated inflation, higher interest rates, depressed stock values and fears of an upcoming recession,” the analysis states. “Americans’ concern about the economy is higher than Gallup has measured in most prior years but still below post-Great Recession levels.” 

The Federal Reserve has been raising interest rates as it battles high inflation. It raised interest rates by 0.25 points to a baseline range of 4.75 percent to 5 percent last month and is expected to take further action as it seeks to get inflation under control.

Some economic experts have warned that raising rates too dramatically could cause an economic downturn, but the economy has shown some resilience with the unemployment rate at 3.6 percent in February. The jobs report for March will be released Friday.