Report: Main reasons that people have seen their cost of living increase in the United States in 2024

In the past year, 92% of US households have faced rising living costs due to increased food and utility expenses. Most households reported higher food bills, driven by supply chain disruptions, inflation, and labor shortages. Additionally, 65% of households noted a rise in gas or electricity bills. This increase is attributed to fluctuating fuel prices, extreme weather, and the transition to cleaner energy sources. Higher energy consumption during severe weather and infrastructure investments have driven up utility costs, further stressing household finances.

These rising costs have led families to cut back on non-essential expenses, such as dining out and entertainment, and to reduce savings or delay major purchases. Households are turning to budgeting tools, financial planning resources, and energy-saving measures to cope. They also buy in bulk, use coupons, and shop at discount stores to manage food costs.

Over the last year, in which ways has your cost of living increased?

• The price of my food shop has increased: 92%
• The price of my fuel has increased: 65%
• My gas or electricity bills have increased: 53%
• My rent or mortgage costs have increased: 26%
• The price of my public transport has increased: 16%
• Other: 13%
• The price of childcare or other care costs increased: 6%

Which of these, if any, are you doing because of the increases in the cost of living?

• Spending less on non-essentials: 61%
• Shopping around more: 47%
• Using less fuel such as gas or electricity in my home: 42%
• Spending less on food shopping and essentials: 36%
• Cutting back on non-essential journeys in my vehicle: 28%
• Using my savings: 27%
• Making energy efficiency improvements to my home: 19%
• Using credit more than usual, for example, credit cards, loans or overdrafts: 14%
• None of these: 13%
• Doing other things: 7%
• Using support from charities, including food banks: 3%

Have you read?
World’s Best Countries For Retirement.
World’s Best Countries For Women.
World’s Best Countries To Visit In Your Lifetime.
US States With the Largest Gender Pay Gaps.
CEOs who have secured the most funding during their tenure in companies in each US state.