It’s no secret that Americans have been feeling pain at the pump and that skyrocketing inflation is affecting far more than just gas prices. Last month’s Consumer Price Index showed Inflation hit 8.5 percent in the United States last month, the fastest 12-month pace since 1981.
In a recent doxoINSIGHTS survey, it was revealed that 9 out of 10 Americans (89%) noticed a jump in their household bills over the past 12 months. While rising costs have impacted many of the most common bill pay categories, the following percentages of households said that they saw the greatest increase among the following:
This sentiment is in line with what doxo is seeing in terms of actual amount paid for the most common household bills as compared to the year prior. In comparing April of 2021 to April of 2022, the total amount paid for doxo’s 18 most common bills rose 5%. Not surprisingly, the highest bill increases were within the utilities category (as referenced above) with the following YOY increases in amount paid:
- Heating Oil & Propane – 28%
- Gas – 11%
- Electric – 5%
- Waste & Recycling – 4%
- Water & Sewer – 3%
Additional increases year over year include were seen in the following categories: Auto Loan (9%), Auto Insurance (8%), and Mobile Phone (6%).
On a brighter note, more than 70% of respondents reported that they have so far not needed to delay or skip any of those household bills, even with a heightened price tag. Households were nearly evenly split on whether record high gas prices had an effect on their ability to pay other household bills, with 51% saying yes and 49% no.
The survey also revealed that nearly 90% of Americans believe that rising inflation rates have had a negative impact on their overall financial health, highlighting the detrimental impact on our wallets.
Additionally, 87% of Americans worry about their ability to pay their bills if inflation rates continue to rise. While we don’t know exactly what the latest Consumer Price Index will reveal tomorrow, it’s crucial that consumers are armed with the tools they need to protect their financial health, as it’s sure to be some time before bills trend back downward.