Americans cutting back due to ‘immense financial pressure’ with 50% spending up to $500 MORE on food

Americans are making significant changes to their lifestyles, a new survey has found, as they struggle to keep their heads above water amid sharply rising living costs.

The Labor Department on June 10 said that the consumer-price index increased 8.6 percent in May from the same month a year ago – marking its fastest pace since December 1981.

The U.S. central bank this month raised its policy rate by three-quarters of a percentage point, its biggest hike since 1994. The Fed has increased its benchmark overnight interest rate by 150 basis points since March.

On Tuesday, a New Jersey-based financial institution, Provident Bank, published the results of a survey of 600 adults.

They found that more than 70 percent of respondents said they were changing their travel habits – a reflection of the