While there is an acknowledgment that inflation is not a short-term issue, most respondents expect rising prices of commodities like food, gas and rent for the next two years.
unsatisfactory pay rise
Consumers also fear the impact on debt repayments, especially when they do not see their wages rising above inflationary levels, which increases the household budget.
About a quarter of the respondents said they had recently taken a pay hike, but it was not in line with inflation at the time, leading to dissatisfaction with their pay hike.
Many consumers said they believed changing jobs would bring them a higher salary and that changing employers would give them a better pay increase than those who stayed where they are.
It is also expected that lifting of pandemic restrictions will provide an economic boost and hence higher wages.