Inflation rates may be falling, but people expect further price rises – a new global survey by Ipsos
The Ipsos Cost of Living Monitor is a 32-country study (including Ireland) which tracks how people around the world feel about their finances during the polycrisis.
Global key findings include:
- There is a strong expectation that prices will rise next year. Two-thirds (65%) think the rate of inflation will increase in their country in the next 12 months. This figure is up 7pp since April and this is the highest figure we’ve recorded since November 2022. In Great Britain the expectation inflation will rise is up 23pp since April.
- People more likely to feel worse off than four years ago. Thirty-seven per cent across 32 countries say they are worse off than before the pandemic, and this figure rises to 43% for G7 countries. Ipsos’ Consumer Confidence Index tracking shows a similar level of caution, with little improvement in outlook over time.
- More see immigration as a driver of inflation. The proportion who choose immigration as a cause of inflation is up 4pp since April to 56%. People in Asia, Canada and Great Britain are more likely to see immigration as a factor than earlier this year.
- The gap between the wealthy and the rest is growing. Those on a low and middle income are more likely to say they are finding it difficult compared to earlier this year. Indeed, over the last two years the gap in outlook between high income consumers and everyone else has grown.
- Overall, more people want tax cuts than more public spending. Across 32 countries people say they prefer tax cuts even if it meant less money for public services than spending more and paying greater taxes. However, this masks big differences across countries. Türkiye, Romania and the Philippines back tax cuts, while Indonesia and Sweden want better public services.
Commenting on the results, Paul Moran, Associate Director at Ipsos B&A commented:
“This study reveals a mixed picture of the Irish public’s financial well-being. While a significant portion (41%) feel worse off financially since the pandemic, a similar number (42%) report living comfortably. This contrast indicates an uneven impact of recent economic shifts. Looking ahead, there’s a widespread expectation of rising inflation, with global factors perceived as the primary drivers of cost-of-living increases. Perhaps most significantly as government formation gets underway in the coming days, over a third of adults express a willingness to pay higher taxes to support increased public spending.”
Access the full report to explore these findings in greater detail and get valuable insights that can inform strategic decisions, helping you navigate the complexities of the current economic climate!
DOWNLOAD THE FULL GLOBAL REPORT
For more details, please contact Paul Moran: Paul.Moran@ipsos.com
Technical note:
Ipsos interviewed 22,720 people online in the following countries between October 25 and November 8, 2024. Quotas were set to ensure representativeness and data have been weighted to the known population profile of each country. The sample consists of approximately 1,000 individuals each in Australia, Brazil, Canada, France, Germany, Great Britain, Italy, Japan, Spain, and the U.S., and 500 individuals each in Argentina, Belgium, Chile, Colombia, Hungary, Indonesia, Ireland, Malaysia, Mexico, the Netherlands, Peru, the Philippines, Poland, Romania, Singapore, South Africa, South Korea, Sweden, Switzerland, Thailand, and Türkiye. The sample in India consists of approximately 2,200 individuals, of whom approximately 1,800 were interviewed face-to-face and 400 were interviewed online.
