A growing number of Americans are cutting back on spending due to persistent inflation, with 62% reporting that their purchasing power has decreased and 82% saying their money doesn’t stretch as far as it used to, according to a study by Empower.

Rising prices for essentials like food, rent, and auto insurance are leading many to reach their spending limits, with 27% saying they won’t pay more for grocery staples and 20% of Gen Z shoppers willing to cut fruits and vegetables if prices rise further.

Under President Biden, inflation reached a 40-year high, prompting the Federal Reserve to hike interest rates, which in turn pushed mortgage rates above 8%, Fox Business has reported.

Although inflation has eased from its peak, many Americans, especially those with lower incomes, are still feeling the strain, particularly from food prices, which have increased 21% since 2021.

Written by B.C. Begley