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Expat living getting more expensive
| Published: | 23 Aug at 12 PM |
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A new report by the Post Office has suggested that the price of living abroad is increasing rapidly. According to the survey, inflation in some EU countries is rising four times faster than that of the UK.
The Post Office interviewed 900 expatriates, with the majority reporting a rise of 15 per cent in living costs over the past year. Two out of five suggested that the price of eating out, travelling and running a home had increased by 20 per cent, while more than half said it was at least 10 per cent. Only 3.5 per cent said they hadn’t noticed any change in the general cost of living.
According to the report, countries in the struggling Eurozone have been the worst hit, with Spain, Cyprus and Portugal topping the list. Of the Brits living in Portugal, 40 per cent estimated that the cost of living had gone up more than 20 per cent.
In addition, 75 per cent of homeowners interviewed said they are reluctant to sell as the price of their house has remained static or plummeted over the last year. The same percentage said they are worried about their finances and will have to actively make cutbacks if they want to continue living abroad.
Meanwhile, the UN’s Food and Agriculture Organisation reported in this year’s Food Price Index that the price of food worldwide went up six per cent in July after dropping for the three months before. This is thought to be because of bad harvests in Russia and America, resulting in a surge in grain and sugar prices.
The Post Office interviewed 900 expatriates, with the majority reporting a rise of 15 per cent in living costs over the past year. Two out of five suggested that the price of eating out, travelling and running a home had increased by 20 per cent, while more than half said it was at least 10 per cent. Only 3.5 per cent said they hadn’t noticed any change in the general cost of living.
According to the report, countries in the struggling Eurozone have been the worst hit, with Spain, Cyprus and Portugal topping the list. Of the Brits living in Portugal, 40 per cent estimated that the cost of living had gone up more than 20 per cent.
In addition, 75 per cent of homeowners interviewed said they are reluctant to sell as the price of their house has remained static or plummeted over the last year. The same percentage said they are worried about their finances and will have to actively make cutbacks if they want to continue living abroad.
Meanwhile, the UN’s Food and Agriculture Organisation reported in this year’s Food Price Index that the price of food worldwide went up six per cent in July after dropping for the three months before. This is thought to be because of bad harvests in Russia and America, resulting in a surge in grain and sugar prices.
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