New High: 93% Say They're Paying More for Groceries Than A Year Ago

Americans nationwide continue to lose faith in the Federal Reserve Board to keep inflation under control, with the number who say they are paying more for groceries now at an all-time high.

The latest Rasmussen Reports national telephone survey of American Adults shows that just 31% are at least somewhat confident that the Fed will be able to keep inflation under control and interest rates down, and that includes only eight percent (8%) who are Very Confident. Sixty-five percent (65%) are not confident the Fed can keep inflation and interest rates under control, with 25% who are Not At All Confident. (To see survey question wording, click here.)

Prior to the latest survey, overall confidence in the Fed to handle inflation and interest rates ranged from a low of 32% to a high of 41%. The number who hold no confidence at all is now at its highest level in nearly two years.

This lack of confidence stems partly from the fact that 93% of adults report paying more for groceries now than they did a year ago, the highest finding to date. Only four percent (4%) say they’re not paying more for groceries now compared to a year ago.  Prior to the latest results, the number that said they are paying more for groceries ranged from low of 75% in April 2010 to a high of 91% in May of this year.

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The survey of 1,000 Adults was conducted on August 8-9, 2011 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.