70 percent of Czechs perceive a decrease in the standard of living, and about 50 percent of them experience a sharp deterioration – it was revealed from the national surveys, the aggregate results of which were made public in Prague on Saturday.

According to the summary, every second resident of the Czech Republic switched to buying cheaper goods in recent months. The data shows that Czechs are spending less on things like clothing or entertainment in order to cover the increased cost of food, energy and transport.

Creditas Bank combined the expenses of more than 100,000 residents last year and this August, while the Ipsos institute conducted a national survey on the subject.

98 percent of the Czech population perceives the worsening situation of the economy, in addition to the fact that, according to one third of those surveyed, the press exaggerates the problems.

Almost half of the respondents cope with rising prices by switching to buying cheaper products. About 25 percent of them continue to buy the same goods, but in smaller quantities. And 17 percent of people are still considering changing their habits and will buy cheaper.

As a result of rising prices, half of Czechs go to restaurants less often and travel less. Another 37 percent are looking for a cheaper version of these.

Compared to August 2021, the increase in household expenditure was the largest in the area of ​​services this year. The 124 percent increase is largely the result of rising energy costs, the CTK news agency points out.

The survey shows that residents of small towns see the state of the Czech economy and their own financial situation much more pessimistically than residents of cities with a population of more than 100,000. 80 percent of the respondents perceive the increase in housing costs as significant, while the remaining 20 percent perceive it as moderate.