(MENAFN) Almost half of the European citizens are concerned that they will not be able to make ends meet by the end of the month due to inflation, according to a survey conducted by the European Commission. The 2023 Consumer Conditions Scoreboard, which was conducted in the 27 EU member states, Iceland, and Norway, revealed that 48 percent of respondents expressed concern about their ability to pay their bills, including mortgages and transportation to work.
Furthermore, more than a third of the citizens (37 percent) reported that they had to dip into their savings due to increasing living costs. The survey also showed that nearly two-thirds (71 percent) of the respondents had changed their energy consumption behavior due to the hikes in energy prices.
The rising cost of living has also resulted in complaints from one in ten people about increasing mortgage payments due to higher interest rates. The survey's findings highlight the growing concerns of Europeans regarding the impact of inflation on their day-to-day lives.
The European Central Bank has been struggling to keep inflation under control, and the latest survey results suggest that its efforts have not been successful in easing the burden on ordinary citizens. The persistent inflation has also led to calls for policymakers to take appropriate measures to address the issue before it further erodes people's purchasing power.
The survey's results also suggest that the rising cost of living is forcing Europeans to change their consumption behavior, with many cutting back on energy usage and dipping into their savings to make ends meet. These findings underscore the need for policymakers to take swift action to address the inflationary pressures and ensure that the economic recovery is sustainable and equitable for all citizens.
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