BERLIN – Almost two-thirds of consumers in Germany are spending less money due to record inflation, the Federation of German Consumer Organisations (VZBV) announced on Thursday.

“Almost two-thirds of those surveyed are spending less money because of inflation, and a further 20 percent believe they will have to reduce spending in the future,” said VZBV President Ramona Pop.

The largest majority, 61 percent of them, are saving on grocery purchases, while 56 percent are saving on clothing and footwear purchases.

Due to rising retail prices, one-third of those surveyed are using their own car less. One-third of respondents said they are also flying less because of rising prices.

Inflation stood at 10.4 percent in October, and record inflation was most strongly influenced by rising energy prices.

Food prices rose by an average of 20.3 percent. Compared with October last year, edible oil rose the most in price (49.7 percent), followed by dairy products and eggs (28.9 percent), and bread and cereal products (19.8 percent).

The biggest price jump in the energy sector was recorded for natural gas, which is 109.8 percent more expensive than in the same period last year. Car fuel is on average 22.3 percent more expensive.

The VZBV survey also showed that consumers are willing to change their shopping habits if this would contribute to slowing climate change.

It also showed that 75 percent of those surveyed are willing to wear their existing clothes longer instead of buying new ones. Forty-five percent of them said they would give up buying new electronic devices if the old ones could be repaired.

Source: Seebiz.eu