While low-income households are feeling the greatest strain from extreme inflation, the share of high earners reporting financial stress due to inflation nearly doubled from March, according to a poll by The Wall Street Journal released Monday.

The share of households with annual incomes between $150,000 to $200,000 reporting major financial strain due to inflation rose to 26% in October, up from 13% in March, the WSJ reported. At the highest end of the report, 18% of those earning more than $200,000 reported financial strain due to inflation, up from 11% in March.

Households earning $60,000 or less were the most likely to report inflation related-woes at a rate of 54%, according to the WSJ. This measure was up seven percentage points compared to March.

Independent voters reported higher levels of financial stress due to inflation than partisan voters, with 49% of independent voters across all income levels reporting financial stress due to rising prices compared to 46% of Republicans and 22% of Democrats, the WSJ reported. Latino voters reported inflation-related financial stress at a rate of 44% compared to 40% for all nonwhite voters and 35% for white voters, potentially pushing Latino voters towards Republicans on election day.

2022 Generic Congressional Ballot among Independent voters

Data for Progress (D)
GOP — 52% (R+11)
Dem — 41%

Quinnipiac
GOP — 49% (R+15)
Dem — 34%

NPR/Marist
GOP — 45% (R+12)
Dem — 33%

Cygnal
GOP — 51% (R+9)
Dem — 42%

𝐀𝐕𝐄𝐑𝐀𝐆𝐄: 𝟒𝟗𝐑-𝟑𝟖𝐃 (𝐑+𝟏𝟏) pic.twitter.com/J2cyVmXe7x

— InteractivePolls (@IAPolls2022) November 4, 2022

“People get very motivated by inflation and the economy and voters trust the Republicans on that right now,” said John Anzalone, a Democratic pollster who conducted the WSJ poll alongside Republican Tony Fabrizio, according to the WSJ. Anzalone argued that inflation was driving people’s perception of economic health because it’s more relevant to their everyday activities than low unemployment and other economic indicators.

Inflation grew 0.4% on a monthly basis from August to September, though it fell slightly to 8.2% overall compared to 8.3% in August, according to the Bureau of Labor Statistics’ consumer price index. Core prices, which discount energy and food prices due to their volatility, shot up to 6.6% in September, the metric’s highest level in 40 years.

The WSJ poll was conducted from Oct. 22 to Oct. 26, covered 1,500 registered voters and had a margin of error of plus or minus 2.5%.

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