Rising healthcare costs caused by soaring inflation are forcing Americans to cut back on other areas of their lives – with 98 million people estimated to be either delaying or skipping treatment, reducing driving, cutting back on utilities and food, or borrowing money to pay medical bills.
A new Gallup survey of 3,000 people, commissioned by West Health – a group of non-profits which lobby to bring down healthcare costs – found that the high inflation was causing widespread belt-tightening.
The impact of 9.1 percent inflation – a 40-year high – was felt most acutely by those earning the least. But high earners were also reporting reassessing their budgets.
The Labor Department’s consumer price index skyrocketed 9.1 percent in June from a year earlier, a pace not seen since 1981.
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