economy

Price rise pinch: ‘58% of Indians paid more for essentials in past 6 months’

Price rise pinch: ‘58% of Indians paid more for essentials in past 6 months’

NEW DELHI : Globally, as well as in India, consumers are feeling the pinch of higher prices of essential goods and services such as transportation, housing, food and drinks, utilities, clothing, and healthcare, according to a global survey conducted by market research firm Ipsos. “Nearly 6 in 10 urban Indians (58%) and global citizens (59%) said they paid higher prices for essential commodities as compared to six months ago, according to survey findings. Ipsos surveyed 20,504 adults in 30 countries seeking their views on the impact of inflation on their day-to-day lives between 19 November and 03 December. In fact, 42% of global citizens surveyed as well as 55% of urban Indians expect household expenses to go up in the next three months. “Containment of Omicron and avoiding community transmission is the goal, to avoid further increase in inflation, said Amit Adarkar, CEO, Ipsos India. Markets that faced the highest inflationary prices were Argentina (79%), Colombia (75%), Turkey (75%) and Russia (74%). Those that are facing fewer inflationary headwinds are Japan (21%), China (35%) and Malaysia (41%). Ipsos listed goods and services such as transportation, housing, food and drink, utilities, clothing and shoes, medical and healthcare, and entertainment as essential commodities. In India, prices of everything from cooking oil to cars have been rising as companies grapple with decadal-high commodity inflation. “The prolonged pandemic has affected the cost of living and consumers are paying more for essential commodities. Even rise in fuel prices have notched up the rates of essential commodities as transportation cost has gone up and marketers have passed on the additional burden onto the consumers, Adarkar said. In fact, 63% of urban Indians said they had to shell out more for transportation. Under transportation, the survey covered gasoline, car payments and maintenance, parking, public transit etc. Globally, 70% of consumers reported paying more for transportation in the last six months. When it comes to the monthly purchase of food and grocery—nearly 60% of urban Indians reported paying more for such items compared to six months ago. Food and drinks included groceries, meals, restaurants etc. Meanwhile, 60% of urban Indians shelled out more for utilities such as electricity, gas, water, phone, internet, etc, in the last six months—slightly lower than the global average of 66%. Half the citizens globally reported paying more for housing expenses—including rent or mortgage, payments, maintenance etc. Over 50% of urban Indians said they paid more for housing as compared to six months ago. Prices of discretionary items such as clothes and footwear have climbed up too. Overall, 55% of global citizens and 55% of urban Indians say they paid more for apparel and footwear as compared to 6 months ago. Download.

economy 2021-12-21 Livemint