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The rapid rise in prices is worrying consumers more than the war in Ukraine or Covid-19. Almost one in three people fears they will have to limit their lifestyle.
The rapid rise in prices in almost all walks of life is causing more concern in Germany than anything else. Even the war in Ukraine and the corona pandemic have not caused so much concern. This is the result of a recent McKinsey company survey.
About 40 percent of the more than 1,000 respondents said their biggest concern is currently inflation. 34 percent of respondents said the invasion of Ukraine was the cause and only eight percent the COVID-19 pandemic. Almost a third of respondents (29 percent) fear that due to rising prices they will have to make restrictions on their lifestyle. Fear of inflation is particularly pronounced among low-income people. Two-thirds of respondents assume that over the next 12 months prices will continue to rise.
“Two years of the corona pandemic have left their mark. “But inflation and the occupation of Ukraine are making people more pessimistic than ever before,” McKinsey’s Marcus Jacob said in a statement. People are feeling the higher prices and seeing that they have less left in their wallet at the end of the month. Also those with high incomes are limiting spending.
According to the survey, two-thirds of respondents have recently spent more money on food, 61 percent more on gasoline and transportation costs, as well as energy. Survey result: almost one in three people have reduced their consumption in areas such as spending on cosmetics, clothing, entertainment and travel.DW
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