More than 90% of Europeans say the rising cost of living is their most pressing problem

Photo pexels August 19, MINSK . The rising cost of living is the most pressing concern for more than 90% of Europeans, with official data shedding light on the reasons for this growing concern among EU citizens . Euronews reports this.

Housing and utilities (water, electricity, gas and other fuels) accounted for the largest share of household spending in the EU in 2022, at 24.1%. This is followed by food and non-alcoholic drinks - 13.6%, as well as transport costs - 12.5%.

Analyzing data from 2002 to 2022, the most significant changes are observed in housing costs, Euronews notes. The share of housing costs during this period increased from 21.1% to 24.1%. This represents an increase of 3 percentage points.

Starting at just over 20% in the early 2000s, the share of EU household spending on housing and utilities has risen steadily, peaking at almost 25% in 2013. This period saw the most significant growth. After a slight decline, this share rose again during the covid-19 pandemic , reaching a record high of 25.6% in 2020.

The overall rise in housing and utility costs over the past two decades suggests that these costs have become an increasingly significant part of household budgets, reflecting wider economic pressures and changes in the cost of living across the EU.

In some countries, the growth in the share of household spending on housing and utilities was more pronounced, exceeding 5%. From 2002 to 2022, Ireland experienced the most significant growth with growth of 7.1%, followed by Spain and Italy with growth of 6.3% and 5.4% respectively. In 10 EU countries, growth exceeded 4%, indicating a widespread upward trend across the region.

During the COVID-19 pandemic, the share of household spending on housing has risen sharply in almost every country, reaching record highs. However, in 2022, as the pandemic subsided, this share began to decline. When you consider the peaks seen during the pandemic, the overall increase in housing costs over the past two decades becomes even more dramatic.