COMP NEWS – According to a recent survey by the US Census Bureau, more than half of Michigan respondents claimed that they are struggling to pay monthly bills.

Michiganders are feeling this pinch with more than half saying they are struggling to pay monthly bills, according to a survey from the U.S. Census Bureau.

The February data, analyzed by QuoteWizard, shows 51% of Michigan respondents have difficulty paying for their food, rent, mortgage, car payments or student loan bills.

However, Michigan is not the only state struggling with rising prices, as more and more respondents across the country are indicating that keeping up with monthly expenses is becoming more difficult.

Nationally, QuoteWizard found there was a 14% decrease in the number of people who reported having “no difficulty” and a 10% increase in those having a “slight to moderate difficulty” paying for household expenses.

Some analysts suggest that these outcomes can be directly attributed to inflationary increases over recent months.

QuoteWizard senior analyst Nick VinZant says these increases are “directly tied” to ballooning inflation rates.

“A lot of people have been living on the margin, paycheck to paycheck for a long time, and it doesn’t take much to change someone’s financial situation,” he said. “Where inflation was biggest had a big impact on people, as well, because it was food and gas. And you’ve got to eat and you’ve got to get to work.”

While it may appear that there is no end in sight, researchers at the University of Michigan are suggesting that inflationary pressures could lessen by the end of the year.

University of Michigan researchers predict inflation will remain “stubbornly high” before cooling off later this year as the Federal Reserve prepares to hike interest rates. Michigan economists expect local inflation to drop to 3.1% in 2023.

To read more about inflation in Michigan, click here.

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