The consumer price index rose in August due to increases in food, shelter and medical care costs.
Real average hourly earnings fell 2.8% from a year ago, which means they don't stretch as far as they used to.
The number of people who feel financially secure has fallen to its lowest point in five years, according to a report by Bank of America.
Nearly half of Americans are in debt, and many are dipping into their savings.
The people who are struggling to afford their day-to-day lifestyle tend to rely more on credit cards and carry a higher monthly balance.
He said that prices have been increasing for everyday Americans, not only in the goods and services they purchase, but also in the interest rates they're paying to fund their lives. It can have negative consequences for someone who pays the minimum on their credit cards.
The Federal Reserve hiked its target federal funds rate for the third time in a row.
The central bank has said that there will be more increases until inflation shows a sign of a decline.
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