After nearly a year of interest rate increases by the Federal Reserve, the upward trend in the consumer price index slowed to 6.0% in February, the lowest since September 2021. 

Inflation may have reached its peak, but many Americans are still struggling to make ends meet. Data from Upgraded Points, a website that focuses on travel points, shows that adults aged 18-24 are the ones feeling most stressed about price increases. While some 21% of adults have been pushed to use credit cards, loans or pawnshops to pay for increased costs, residents in some states are feeling the pressure more than others. Maine is at the top of the list, with 24.6% of adults facing increased reliance on credit cards. It’s followed by Utah, Arizona and Nevada (all 24.4%), then California (24%). New Jersey has the 10th-highest rate of credit card reliance due to inflation. The states where residents have the least reliance on credit cards are Wisconsin (16.3%), Georgia (16.9%), Mississippi (17.1%), South Dakota (17.3%) and Rhode Island (17.6%). 

More than half of American consumers are eating out less or delaying major purchases, and nearly 50% have switched to generic-brand products. The reliance on credit cards appears to be rooted in the fact that inflation is hitting necessities hardest — the items where consumers find it difficult to cut back. The largest price increases since 2020 have been in transportation (+23.8%), food and beverages (+21.5%) and housing (+16.4%).