Global consumers brace for price hikes
By Felicia Nwosu
A new survey by Ipsos reveals that global consumers are bracing for further price increases, despite falling inflation rates in many countries.
The Ipsos survey collected data from 22,720 adults aged 18-74 across 32 countries.
According to the seventh edition of the Ipsos Cost of Living Monitor, 65% of respondents across 32 nations expect inflation to rise over the next 12 months, up from 58% in April.
Consumer expectations for price hikes are particularly high in essential categories, with 72% predicting an increase in grocery bills, compared to 67% earlier this year. Many also foresee rising costs for household goods, utilities, and transportation, highlighting persistent concerns over the cost of living.
The report shows a significant portion of consumers feel financially strained, with 37% stating they are worse off than before the pandemic. The financial outlook is particularly bleak for lower- and middle-income groups, who are disproportionately impacted by rising prices.
In Europe, the anticipation of reduced disposable income is widespread, as the lingering effects of inflation continue to pressure household budgets. Additionally, 56% of respondents now believe immigration contributes to inflation, reflecting a 4% increase in this sentiment since earlier in the year.
Countries like Italy, Australia, the United States, and Japan report the highest levels of financial difficulty, with a widening gap between wealthier individuals and those struggling to keep up with rising costs.
Despite inflation rates dropping to multi-year lows, consumer sentiment remains negative, as many prepare for another year of financial challenges. The survey’s findings underscore the global anxiety surrounding cost-of-living pressures, even as economic indicators suggest some relief.
RECOMMENDED ARTICLES
Comment
No comments found.