ST. LOUIS, Mo. – Rising prices are having an impact on many people’s bank accounts. A study conducted by online insurance company Quote Wizard says that the number of Missourians worrying about paying bills has jumped more than in many other states

The national consumer price index for urban consumers is 6.8 percent and the core inflation rate is 4.9 percent. But, the average price for a gallon of gas in Missouri now costs around $3.93. That is up from $2.71 a year ago.

A key finding from the Quote Wizard survey says that 60% of people say they are having some difficulty meeting their usual household expenses. The largest increase in people who said they are struggling is in Missouri, Florida, and Arkansas.

The percentage change since June in Missouri is 170 percent. In 2021 only six percent of Missourians reported having a “very difficult time.” That number jumped to 16 percent in 2022. The survey also states that 40 percent of people are having a “difficult time” meeting household expenses.

The Associated Press reports that the Federal Reserve considers Russia’s war in Ukraine and surging inflation the greatest threats facing the global financial system, supplanting the coronavirus pandemic.

The Fed said economic uncertainty has increased since the bank’s previous report, with Ukraine war being a big part of the deterioration. The bank also highlighted the large fluctuations in asset prices — from Treasuries to stocks — as investors reevaluate risk in a high-inflation environment.

“Inflation has been higher and more persistent than expected, even before the invasion of Ukraine, and uncertainty over the inflation outlook poses risks to financial conditions and economic activity,” the Fed said in its report.

The Fed said persistently high inflation may require central bankers to quickly raise interest rates, which could also be a potential risk for financial instability in the form of lower economic output as well as higher borrowing costs for individuals and businesses. It could cause debt levels, which the Fed says are elevated but not yet a major concern, to become unsustainable for some businesses.

“Further adverse surprises in inflation and interest rates, particularly if accompanied by a decline in economic activity, could negatively affect the financial system,” the bank said.

For individuals, inflation could cause job losses as the Fed increases interest rates, which could also impact the housing market through higher mortgage rates, the bank said.