Three quarters of Turks fear missing utility payments – Ipsos
Seventy two percent of Turks are “very/fairly concerned” about their ability to pay their bills over the next six months, a survey conducted by market research firm Ipsos with the World Economic Forum found.
Turks also expect a decrease in their disposable income, with 63 percent saying they expected a significant drop in their standard of living. Only six percent expect their standard of living to rise a lot, while another 11 percent believe it will raise a little, daily Sözcü reported.
Almost half, 44 percent, said they were planning on reducing their use of heating, electricity or water.
Turkey has seen soaring inflation and rapid hikes in consumer prices in recent months, with monthly inflation spiking to 69.97 percent in April. The lira lost 44 percent of its value in 2021, helping accelerate the rise in inflation.
Price increases will slow down after May, Bloomberg cited Turkey’s Finance Minister Nureddin Nebati as saying on Friday.
Eighty percent of participants expect inflation to continue rising until at least the end of the year.
The top three reasons Turks cited as the reason for rising consumer prices were immigration into Turkey, interest rates, and government policies. The state of the global economy and businesses making excessive profits followed the top reasons. Other significant reasons cited were Russia’s invasion of Ukraine and the COVID-19 pandemic.
The survey was conducted with approximately 1,000 participants in Turkey, between April 7 and 18.