Expat report rise in the cost of living abroad

Expat report rise in the cost of living abroad
Published:  23 Aug at 12 PM
The majority of expats think they will need to reign in their spending if they want to continue living abroad, according to a new survey by the Post Office. Seventy-five per cent of the 900 expats surveyed said they were worried about their finances as they perceive the rate of inflation abroad to be four times that in the UK.

Brits living in other European countries were questioned about how much they think the cost of living has gone up over the past year. Those living in Cyprus, Spain and Portugal reported the biggest rises, with 40 per cent of those living in the latter country estimating that the cost of travel, food and running a home has gone up by at least 20 per cent.

In total, less than four per cent of those interviewed reported no rise in the cost of living, while more than half said they thought inflation was likely up 10 per cent. Two in five across the board, however, reported a much higher rise in the cost of living of 20 per cent or more.

Of the homeowners interviewed, the majority said they were reluctant to sell as their homes had either lost value or stayed static over the past 12 months.

Meanwhile, the Food Price Index, compiled by the Food and Agriculture Organisation of the UN, reports that the cost of food worldwide increased by a massive six per cent last month. The rise, which comes despite a drop in food prices over the previous three months, is attributed to the growing cost of grain and sugar as a result of poor harvests in the US and Russia.