By Neelam Rahim 

A new Ipsos poll indicates that three-quarters of the public in 28 countries are concerned about the rising cost of goods and services in the next six months. A Global Country Average of 40% say they expect their disposable income to fall over the year, while 25% expect it to increase. Public reactions to rising living costs focus on cutting spending on luxuries and delaying big purchase decisions.

In discussion with Radio Islam International is Mari Harris, Knowledge Director at Ipsos Sub-Saharan Africa.

According to Mari, five questions were asked in the latest poll, including people’s disposable incomes, their current financial situation, how they feed their financial concerns, and what can be done about it. Also, what was driving inflation in their country, as found in another study conducted monthly called ‘What worries the world’, indicates that inflation is currently the biggest worry in the whole world. We know that the financial pressures are on people all over the world who share the concern about finances and how they will be developed. 

She says looking at the cost of living, and people expect the inflation rate to increase first. They also expect to pay more for food and services, especially the people residing in the UK and other countries in the next three months going into winter who say they will pay more for utilities like gas, heating and electricity. 

Meanwhile, people in the South going into summer are saying that the price of food is on the increase and also the price of services, fuel and the cost of subscriptions and socialising in general. 

According to Mari, a few things are attributed to rising food prices. Firstly it is not viewed internally by the own countries. They say it is a state of the global economy everywhere in the world, and the economy is under a dire strain which is why food, services and other things are increasing so much in cost. 

Secondly, the European people believe it is because of the Russian invasion of Ukraine, and others agree. And then for the people in the East, say Covid-19 is still a significant driving factor in the cost of increases. Lastly, people are saying it also sometimes the politics of their national government has a role in this, she added. 

Mari tells Radio Islam that South Africa falls on a larger scale and is concerned around current financial situations as 36% of South Africans say they find it quite challenging to manage these days financially. On the other hand, 29% are saying that they are living comfortably. 

She says, looking at disposable income after what’s left. South Africans are saying in future. Our disposable income will fall; however, South Africa is on the lower list of concerns among the 28 countries.  

Listen to the full interview on Radio Islam’s podcast below.