A leading market research company found that people worldwide are “still feeling the pressure” of further price increases even though inflation rates may actually be falling.
Through its global survey, Ipsos determined that two in three people (65 percent) think their country’s inflation rate will increase in the next 12 months, up seven percentage points since April.
“Inflation rates are on their way down in many countries, but does this mean people feel like they can breathe easy? While the speed of price rises is much lower than they were, the cumulative effect of prices rises over the last few years is hitting home,” according to the 7th edition of the Ipsos Cost of Living Monitor published recently.
When asked how long do you think it will take before inflation returns to normal in your country, 28 percent of Filipino respondents said ‘never,’ against 27 percent who are hopeful it will ease ‘within the next six months,’ and 26 percent who believe prices will get better ‘in the next three months.’
“This is something that is felt across the board. In 21 of the 32 countries surveyed people are more likely to think prices will rise at a faster rate than they did earlier this year,” Ipsos noted.
Moreover, people are more likely to feel worse off than four years ago, as seven percent of global respondents reported they are worse off than before the pandemic.
In the Philippines, 49 percent feel they are ‘better off’ this year compared to 24 percent who felt ‘worse’ and 25 percent who said ‘neither.’ In terms of their financial situation, 37 percent said they are ‘doing alright,’ 26 percent are happy just to ‘get by’ while 29 percent find it ‘difficult.’
An increasing number of people attribute immigration as a driver of inflation. This translates to four percent increase to 56 percent of respondents since April. Citing official data, Ipsos said inflation rates in many countries are at their lowest for three to four years.
“However, this masks differences across income levels and countries. In many countries, including the most advanced economies, we now have more people telling us they are struggling financially than at any point over the two and a half years we have been tracking sentiment in this way,” Ipsos reported.
Moreover, over half of Filipinos (52 percent) said they prefer to pay less taxes even if it would cost them access to public services. Also, 48 percent believe the Philippine economy is in recession against 23 percent who are unaware and 28 percent who held a totally different view.
Ipsos conducted its survey between October 25 and November 8, interviewing a total of 22,720 adults across 32 countries including the Philippines.
