LITTLE ROCK, Ark. – Shoppers across the country have been feeling the squeeze of inflation, and a new study claims many Arkansans are saying they are severely challenged by price increases for goods for their homes.
The report from QuoteWizard.com claims that 11% of respondents from Arkansas said in February that they were having a “very difficult” time in meeting their household expenses. That is up from 5% in June of 2021, a 120% jump and the second-highest increase in the U.S.
Currently, Mississippi and Louisiana are home to the highest percents of residents having a very difficult time with paying for household costs, tied at 16%. Only 5% of respondents in Vermont, on the other hand, said they are finding it very difficult to cover household costs.
For the entire country, there was a 50% increase in the number of people having a very difficult time with their household expenses. Indiana saw the biggest increase at 160%, while eight states actually saw drops in the number of people with severe inflation worries.
Last month the Department of Labor announced that consumer prices in January were up 7.5% compared to the previous year, the steepest year-to-year inflation spike in 40 years.
The new study claims that costs for fuel and fuel have jumped at even higher rates. The data from the study comes from the U.S. Census Bureau’s weekly Household Pulse Survey.
On the other end of the spectrum, 33% of Natural State residents said they were not having any difficulty meeting household expenses. Another 50% said they were experiencing slight to moderate difficulty covering costs at home.
Arkansans have been hit with increasing costs and decreasing availability of items for months. Gas prices continue to climb in the state, with the most recent report from AAA stating the average price for a gallon of gas in Arkansas being $3.20, up from $2.93 in mid-January.