Over half of young Americans say that rising food prices are the most noticeable effect of inflation.
, according to the most recent data available from the consumer price index, which tracks the price of goods and services over time.
Higher borrowing costs are another factor leading to younger people feeling strained, as the average credit card balance for Gen Z and millennials increased 62% and 50%, respectively, between March 2022 and February 2024,It's perhaps not surprising that food costs have hit younger people the hardest, considering that they've risen by 25% in the last four years, compared with 21% for all items tracked by the consumer price index.
"The way people used to cut back on spending on food was to go to eat out less.
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