The US economy grew 6.9% in the fourth quarter, despite rising inflation, thanks to increases in consumer spending, exports and private investment, the government said on Thursday.
For the full year, US GDP grew 5.7% — the fastest pace since 1984, but the American public remains divided on whether economic growth will pick up or slow down in 2022, according to a recent Gallup poll.
However, many Americans are still grappling with the impact of rising prices as inflation is at a near 40-year high.
According to the Gallup poll, a record-breaking 79% of Americans believe inflation will continue to rise in 2022, with half of pollsters predicting rising prices will rise “much” more.
The current level of expectation among American households is the highest ever measured in a poll – beating the previous record of 76% set in September 2005, according to Gallup.
Additionally, in a separate Gallup poll, about half of Americans said rising prices due to inflation have “got their families in trouble” and hurt their finances, including 9% who said it caused “serious” problems .