Nearly half of German citizens cannot maintain their former lifestyles amid record high inflation, Bloomberg reported on Friday, citing a survey conducted for public broadcaster ARD.
Poll data shows that some 47% said they were strongly cutting back on spending. Among low-income Germans, the proportion of citizens who were forced to tighten their belts was almost 75%. The survey was conducted among 1,337 respondents between May 30 and June 1.
As reported by the Federal Statistical Bureau of Germany, inflation in Europe’s top economy reached a historic high of 8.7% in May, propelled by the costs of energy and food. In order to stabilize the situation, Berlin has come up with a number of measures, including a temporary reduction on fuel taxes and the cost of public transport tickets, but the initiatives have not yet eased the public’s concerns.