RESIDENTS in Malaga are feeling the squeeze as they shell out an extra €426 each month on essential expenses.
A recent survey conducted by the Consumer Union in Malaga revealed that four in five Malaga city residents have had to trim their shopping lists due to soaring inflation.
It adds up to €5,117 annually for an average family – despite a recent inflation report seeing it slow down to just 3.5%.
Where’s the money going? The top culprits are rising costs in food (up by €136.43 per month), housing mortgage or rent (€123.10 more per month), and petrol (€83.57 more per month).
This eye-opening study, funded by the Malaga city council’s trade department and carried out by a consumer association, surveyed 609 people. Its aim? To gauge how consumers are dealing with the relentless surge in the cost of living.
The survey unearthed a wave of ‘great concern and social alarm’ caused by inflation among residents.
It found that 77% of those surveyed have had to cut back on some of their regular purchases, with items like oil and fish being hit the hardest.
People are also cutting back on travel (62.5%) and cultural or leisure activities (42%).
These changes are impacting their health, with 33.3% reporting fewer health appointments, including dental treatments.
Additionally, 29% have let go of insurance policies, including health coverage.
In the face of these challenges, families are opting for “fewer fresh and packaged products,” 26% are embracing public transport, and 57% are conserving electricity.
Meanwhile, 49% are choosing to repair damaged goods instead of buying new ones.