People are deciding to cut their spending on food as a result of the high cost of living.
Image via pixabay.com62% of people say they'll have to cut back on food because of spiraling prices.
The research conducted by Permanent TSB found the cost of living crisis is now the most pressing issue for Irish people.
81% of people say it's their 'key concern' which is a big increase from 62% recorded in the last survey three months ago.
According to The Independent, a further 85% believe the cost of living is going to get much worse.
The rising cost of energy prices is also a major concern for consumers .
Over half of people believe they won't be able to pay higher energy bills.
And 43% fear they'll be even worse off next year.
As a result, we are more likely to switch providers to find the best deal.
Over half of the people who took part in the survey say they plan to switch electricity or gas supplier this year.
The report also stated that 47% plan to look for a new car insurer.
While 46% intend to switch TV or broadband provider.
