'The Big Shrink': Americans are pulling back on spending as high prices persist

A growing number of Americans are pumping the brakes on spending as they continue to face elevated prices for everyday necessities like food, rent and auto insurance.

New findings published by Empower show that 62% of Americans feel their purchasing power and income in relation to prices is decreasing due to persistent inflation. Another 82% said their money does not go as far as it used to. Additionally, 79% of respondents noted that many household goods like cereal and chips are dwindling in terms of serving sizes.

With prices remaining uncomfortably high, more people have said they are hitting the limit on how much they are willing to spend, according to the "Big Shrink" study.