Despite reports of slowing inflation from Federal Reserve policymakers, Americans remain highly concerned about the issue and lack confidence in the Fed to keep inflation under control.

The latest Rasmussen Reports national telephone survey finds that 81% of American adults are somewhat or very concerned about inflation, down just two points from July and four points from April. That figure includes 57% who say they are very concerned.

Only 15% are not very or not at all concerned about inflation.

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Americans’ fears on inflation have changed little since August 2008, when 85% reported being concerned.

Sixty-five percent (65%) of Republicans and 64% of voters not affiliated with either party are very concerned about inflation, compared to 44% of Democrats.

Just 38% of adults are confident the Fed can keep inflation down and interest rates low, with only seven percent (7%) who are very confident. Most adults (57%) are not very or not at all confident the Fed can hold down inflation and interest rates.

The Fed reports that food prices dropped over the past year, representing the first year-to-year decrease in that category in over 40 years. But the vast majority of Americans (80%) say they are paying more for groceries now than they did one year ago, down just four points from July. Only 12% say they are not paying more for groceries.

Eighty-five percent (85%) of women say they are paying more for groceries now, as do 74% of men.

Sixty-two percent (62%) of adults expect the amount they spend on groceries a year from now to be even higher, down two points from the last survey. Only four percent (4%) expect to spend less a year from now, while 27% say they will probably spend about the same amount at that time.

With inflation down, senior citizens will not be receiving a cost of living increase in their Social Security checks for the first time in over 30 years. This has prompted President Obama to propose sending all Social Security recipients a one-time $250 check. Fifty percent (50%) like the idea, but support falls to 41% when the $13-billion price tag is mentioned.

Forty-four percent (44%) have confidence in the stability of the U.S. banking system, 50% do not. Seventy-eight percent (78%) say that Wall Street has benefited more than taxpayers from the bank bailouts.

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