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Savings getting tapped by Americans to make ends meet due to inflation
January inflation data comes in hotter than expected
Inflation rose 6.4 percent in January. FOX Business’ Cheryl Casone with more.
Unrelenting inflation is continuing to take a toll on Americans.
About 27% of U.S. households reported taking money out of savings in order to make ends meet, according to new data published in the Country Financial Security Index. More than half of the respondents – about 54% – who tapped their savings said they did so in order to pay for basic expenses like groceries and rent.
"Inflation has shredded household budgets over the past two years, and not just when it comes to one-off discretionary expenses or special occasions, but for keeping up with day-to-day bills," said Greg McBride, chief financial analyst at Bankrate.com.
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