Slovak citizens are more afraid of inflation than of war and their fears of price increases are above average even in international comparison, indicate data by the Ipsos agency provided to the Denník N daily.
Year-over-year inflation climbed to 14.9 % in October, compared with a 1.6 % rate a year ago at this time. As much as 44% of household spending is on housing and food, which is why people are feeling their rising prices most acutely and are most worried about further price increases in these categories, writes the Denník N daily.
However, Slovaks do not perceive price increases only rationally, but also emotionally. For example, three quarters of the respondents think that their spending on health care or clothing and footwear has increased - yet these categories have become more expensive at a slower pace than the overall inflation rate. In health care, prices are up 6 % year-over-year. Despite low inflation of 4%, respondents also subjectively perceived the price of footwear and textiles to be rising.
Only a fifth of Slovaks say their financial situation is good; more than 40% rate it negatively. Most have already changed their spending in response to inflation and are aware of the unnecessary costs. They are saving mostly on eating out and are more frugal when shopping online. The Ipsos survey confirms this trend, with over 60% of respondents planning to save in the coming months. The largest proportion of them also plan to cut spending on home furnishings and repairs, culture, recreation, clothing or alcohol and tobacco. Almost a third say they will not be able to save any more on energy and housing, and the same applies to healthcare and transport.
As Denník N wrote, People who earn less than EUR 1,200, which, according to an analysis by Platy.sk last year, could be three quarters of Slovaks, rate their current situation badly. These are mainly respondents of pre-retirement age.
Although inflation fears in Slovakia are higher than the international average, Slovak respondents were below average in their fears about job losses. This is in line with reality: the current unemployment rate is only around 6% and even the National Bank of Slovakia does not expect unemployment to rise significantly in the foreseeable future.
Most people feel bad not only about their own increased spending, but also about how Slovakia is doing. Two-thirds of people rate the economy as weak and do not believe that it will improve in the coming months.
Source: DenníkN
