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Nearly half of people in the EU, Iceland and Norway are worried about whether they will be able to pay their bills, according to an EC survey published today and cited by BTA.

Covering the costs of mortgage loans and transport to and from work is a concern for 48 per cent of those surveyed, and 37 per cent of people are using their savings to make ends meet.

Higher manufacturing, food and electricity costs have been linked to higher inflation in the EU following the COVID-19 pandemic and Russia's invasion of Ukraine.

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A sharp drop in Russian supplies to EU countries, seen as a response to EU sanctions against Russia following the invasion of Ukraine, has led to a spike in electricity prices and fears of a recession.

In an attempt to control inflation, the European Central Bank (ECB) raised interest rates.

As a result, 10 percent of people reported an increase in their mortgage due to changing interest rates.

The impact of the surge in electricity prices on the cost of living has led 71 per cent of people to try to reduce their consumption at home, with 28 per cent saying they have changed their use of transport.

The telephone survey was conducted in October and November 2022. In each country, the representative sample is 1,000 people, except for Luxembourg, Cyprus and Iceland, where it is 500.

European Union

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