Inflation forces Greeks to change consumption patterns

By Ahmet Gencturk

ATHENS (AA) – Inflation is forcing Greeks to change their consumption patterns, according to the results of a new survey released on Thursday.

The survey by the Retail Consumer Goods Research Institute, conducted on 1,000 people, found that some 75% of respondents said they have eliminated entertainment spending, such as restaurants and travel, while 55% said they have cut purchases on food and groceries.

Similarly, 52% said they had to postpone repairs and maintenance on houses and as 48% said they shifted their purchases away from name brand products.

A total of 28% said they used savings to cover their expenses.

Against this backdrop, some 81% of respondents said cutting the VAT on food staples was the best way to soften the impact of rising prices.