Granite Staters are concerned and pessimistic about the state of gas prices and the national economy, according to the latest Business and Industry Association (BIA) Report on Consumer Confidence, conducted by the University of New Hampshire Survey Center.
Gas prices are one of the largest causes of concern for New Hampshire residents. According to the survey, about 60% of New Hampshire residents are very or somewhat “worried about paying for gasoline over the next twelve months,” and two-thirds of state residents believe that President Trump is responsible for the recent increase in gas prices.
“Fast rising gas prices are now another concerning factor that will test consumer spending and the economy as we enter the summer vacation and travel season,” said Michael Skelton, president and CEO of the BIA of New Hampshire, in the report.
As of June 1st, the average price of gas in New Hampshire is $4.372 per gallon, according to AAA.
About 40% of New Hampshire residents say they have cut spending on non-essentials over the past three months because of gas prices, and the same amount of people reported traveling fewer miles as part of their everyday life. 45% of people believe their household finances are worse than they were a year ago, and 40% of people expect their future finances a year from now to be worse off, too.
Nationally, inflation is the highest it has been in three years, at 3.8%.
Concerns about gas affordability are also split across political lines, with more than 75% Democrats and Independents expressing worry compared to only 35% of Republicans.
Meanwhile, national consumer confidence declined while inflation levels remained elevated, according to the Associated Press.
