Majority of Americans believe inflation is undoing their hard work

Labor Day approaches and a majority of Americans feel that their hard work doesn't mean much.

According to a new survey by the private finance company WalletHub74% of people think Inflation erases their hard work. And nearly two in three Americans say inflation affects their Labor Day plans.

In June 2022, inflation reached 8.5%, its highest level since 1982. That year, the average inflation rate, as measured by the consumer price index, was 8%. It has been declining since then, averaging 4.1% in 2023.

But even though inflation is falling from its peak, that does not mean that its effects have disappeared. Over the last four years Food prices have increased 22% in the USA alone.

One positive piece of news, according to WalletHub, is that 67% of Americans say they are better off financially than they have been recently Labor Day. But the same number of people also feel like they are working harder this year than last year.

Nevertheless, 93 percent of respondents would like a salary increase to keep pace with inflation.

WalletHub reports that one in three people say they overspend on Labor Day sales. This may be partly because two-thirds said they were happy about the good deals over the long weekend.

Cathy Carey, a professor at the University of Southern Indiana, suggested that inflation-stricken Americans should take a “vacation at home.” for Labor Day.

“Backyard barbecues are a fun and inexpensive way to celebrate, although prices for beef and other meats, already at historic highs, tend to rise around major holidays due to higher demand,” Carey told WalletHub.

Additional reporting by Rocio Fabbro.