Record share of US consumers blame inflation for eroding living standards

By Ovunc Kutlu

ANKARA (AA) - The share of consumers blaming inflation for eroding their living standards hit an all-time high, according to a University of Michigan survey on Friday.

Almost one in two Americans -- 49% -- now blame record high inflation for their deteriorating level of comfort, according to the survey.

This percentage matches the all-time high reached during the Great Recession that occurred between 2007 and 2009 due to the global financial crisis in the aftermath of the bursting US housing bubble.

"Consumers remained in agreement over the deleterious effect of prices on their personal finances," Surveys of Consumers Director Joanne Hsu said in a statement.

"These negative views endured in the face of the recent moderation in gas prices at the pump," Hsu added.

Consumer inflation increased to an annual 9.1% in June, still hovering around its 40-year high.

US consumer sentiment recovered in July from the previous month, according to the preliminary results of the survey, compiled from around 500 consumers.

The index of consumer sentiment rose 1.1 points to 51.1 in July, from 50 in June.

During that period, the index of current economic conditions jumped 3.3 points to 57.1 from 53.8.

The index of consumer expectations, on the other hand, fell 0.2 points to 47.3 from 47.5.