Household budgets being hit hard by stepped-up inflation
Chief economist at KBC Bank Austin Hughes says that many households are likely to face a palpable drop in living standards this year. “We estimate that the step-up in inflation between 2021 and 2022 will drain around €4bn from consumer spending power, implying a hit to the average household of just over €2,000.” The results of the latest KBC Bank Consumer Sentiment Index come as the Economic and Social Research…