Food prices biggest concern for Indians, says survey

Monday, November 1, 2010

NEW DELHI - With a double-digit food inflation, the increasing food prices will be the biggest concern for Indians over the next six months, a survey released here said Monday.

According to the Nielsen Global Consumer Confidence Index, China tops the countries concerned over increasing food prices with 36 percent of consumers in China voting it as the biggest concern over the next six months.

India is fifth on the list of countries where people (15 percent) consider food prices as the biggest concern over the next six months.

“Inflation is usually a companion of heady growth and a cause for concern in rapidly expanding economies like India. This will continue to remain an area of concern until prices cool down,” said Justin Sargent, managing director of the Nielsen Company.

Balancing work and life followed by job security were the next two major concerns for Indians.

Indians were also concerned about the global warming with climate change figuring in the top five concerns.

Compared to this time last year, seven out of 10 Indians (70 percent) have changed their spending habits to save on household expenses.

About 58 percent Indians now spend less on new clothes to cut down expenses, 56 percent try to save on gas and electricity, 48 percent have cut down on telephone expenses, 43 percent have cut down on holidays or short breaks and 40 percent have cut down on out of home entertainment, amongst others.

The survey was conducted among 26,000 internet users in 53 countries from Sep 3-21.

In India, the overall annual inflation rate has fallen in recent months, but was still at a higher level of 8.62 percent as recorded in September. The 52-week rise in food prices is also in double-digits at 13.75 percent for the week ended Oct 16.

Filed under: Economy

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