Rasmussen Poll: 74 Percent of Americans Still Worried About Inflation

Consumer prices may have climbed only 1.7 percent in the 12 months through September, but 74 percent of Americans remain concerned about inflation, according to a new poll from Rasmussen Reports.

Of the 1,000 U.S. adults surveyed Nov. 15 and 16, only 22 percent aren't worried about rising prices. A total of 36 percent are very concerned, and only 4 percent aren't worried at all.

The Federal Reserve has an inflation target of 2 percent. Its favored inflation gauge, the personal consumption expenditures price index, advanced only 1.4 percent in the 12 months through September.

But 82 percent of those polled say they are paying more for groceries now than they were a year ago, while only 11 percent say they are paying less. And 71 percent expect to shell out still more on groceries a year from now.

Interestingly enough, 44 percent of the respondents feel confident in the Fed's ability to control inflation and keep interest rates low, the highest reading since January and up from 42 percent in October.

In addition, 54 percent have confidence in U.S. banks, up from 53 percent in October.

Many economists aren't so worried about prices spiraling higher.

"Inflation remains very tame," Jim O'Sullivan, chief U.S. economist at High Frequency Economics, tells Bloomberg. "For now, it gives the Fed the green light to keeping monetary policy accommodative. Over the long haul, they'd prefer to see inflation go up a little."

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