Hungarians are the most pessimistic in Europe regarding inflation

By: Trademagazin Date: 2023. 10. 09. 13:44

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In one year, the proportion of people in Hungary whose monthly income does not cover their living expenses and who do not have a monthly savings has increased by nearly 20 percentage points, according to Intrum’s European Consumer Payments Survey. It’s no wonder that Hungarian respondents are the most pessimistic about price increases in Europe: according to 90 percent, we can still expect high inflation in the next six months.

The latest European Consumer Payments Survey (ECPR) prepared by Intrum clearly shows how inflation eats up people’s savings in Hungary and other European countries. The data collected by surveying thousands of consumers in 20 countries (member states of the European Union and neighboring states) show that price increases in most countries significantly worsen the ability of families to save and the ratio of savings and income.

Last year, a total of 28 percent of respondents in Europe said that they could only take on expenses equivalent to one month’s salary or less without going into debt. This year, the situation has worsened. 9 percentage points more European households, i.e. already 37 percent, have savings equivalent to a maximum of one month’s income.

In Hungary, based on data from the National Statistical Office, inflation was higher than in other EU member states last year and in the closing months of this year. This can also be seen in Intrum’s data: based on the latest ECPR, 90 percent of Hungarians reported that inflation negatively affects their household’s finances. This is the highest figure in Europe, ahead of Greece (87 percent) and Italy (87 percent). By comparison, the European average was 82 percent.