Nuremberg-based data analytics company GfK says a record number of consumers have prepared themselves mentally for the blow, with 85 percent expecting prices on everyday goods to continue climbing – up from 77 percent before the Ukraine crisis piled onto the post-COVID inflationary crisis.
Consumers in countries worldwide have been struggling with an inflationary crunch since 2021. The jump has been blamed on factors ranging from the consequences of pumping vast amounts of money into economies during COVID shutdowns, to a global supply chain crisis – again blamed on COVID, to trillions in new government spending in the US and Europe, to other factors – like calculated moves by hedge funds to binge-buy real estate.