(Bloomberg) -- Nearly half of all Germans can no longer afford their lifestyle as inflation surges from one record to the next, according to a poll conducted for public broadcaster ARD.
About 47% indicated they're strongly or very strongly cutting back on spending. In low-income households, that share rises to more than three-quarters. The survey was conducted among 1,337 Germans between May 30 and June 1.
Inflation in Europe's top economy hit 8.7% in May, driven by energy and food costs that are likely to rise further as the war in Ukraine persists. Chancellor Olaf Scholz's government has introduced relief measures including a temporary cut to fuel taxes, subsidies and cheap public-transport tickets, but they've not shored up confidence so far.
Retail sales dropped the most in a year in April, and consumers see reining in inflation as a more urgent task than fighting climate change and social inequality. Only the Ukraine conflict is considered a bigger challenge, the survey showed.
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