(The Center Square) – Inflation, 2.9% in the final full month of former President Joe Biden, is still forefront of the minds of North Carolina residents, a poll released Tuesday says.
“North Carolinians continue to report high prices, but they are not always concerned about the same purchases,” said Dr. Martin Kifer, chairman of political science and director of High Point University’s Survey Research Center. “Right now, ‘egg-flation’ is a reality again, but concerns about gas prices have declined.”
In fact, the Consumer Sentiment Index of the High Point Poll is at its highest mark since President Donald Trump was in office in 2019. The calculation is 78.1, up from 73.8 in November, 70.2 in September, and the woeful 62.5 in May 2023.
Inflation under Biden’s administration was 1.4% when he took office in January 2021, rose to 9.1% in June 2022, and got as low as 2.4% in August of last year.
November and December were each 2.9%. January’s inflation rate is scheduled for release Wednesday.
The poll was conducted Jan. 16-26 in conjunction with Dynata. One thousand responses were collected, with 839 saying they are registered voters. The credibility level is +/- 3.2%.
In the Consumer Sentiment Index, 42% believe they will be better off a year from now and 20% believe they will be worse off, with 30% projecting “about the same.”
The leading items respondents say they are paying a much higher price for are eggs (54%), meat (49%) and household electricity (39%). The only one of 12 choices to hit double figures for paying “somewhat lower” was gas for your car (10%).
“Consumer sentiment is the fuel for the economy,” said Dr. Nasir Assar, associated professor of economics and director of the MBA program at High Point’s Phillips School of Business. “When confidence is high, spending grows; when fear takes hold, even the strongest markets can stumble. Perception often shapes reality in the world of business.”
