92% of consumers in Ireland are worried about inflation, according to new data from Deloitte.
Its latest consumer tracker survey reveals a 6% jump in the number of people concerned about the rising costs of everyday items, compared to the previous month.
67% of those surveyed said they believe groceries are more expensive, up 7% on the previous month.
48% said they think restaurant prices are higher, up 8%.
One in four people surveyed said are concerned about making upcoming payments, up 3% on the previous month.
"Given rapidly rising inflation in a host of sectors, and significantly increased fuel, electricity and heating bills, many people are feeling the pinch," Daniel Murray, Partner and Head of Consumer at Deloitte Ireland said.
"The Government are acting to mitigate some of the impact in the shorter term but given that energy prices are not likely to drop in the foreseeable future - particularly with the unstable geo-political situation between Russia and Ukraine - and that materials costs are increasing in many industries, the impact is being felt across the economy," he added.
On a positive note, the survey reveals that consumer confidence has increased and safety concerns related to Covid-19 have dropped significantly.
"There have been double digits rises across the board in terms of consumer confidence to undertake 'normal activities’ again, such as attending in person events or taking a flight," Mr Murray said.
"This is to be welcomed, as many businesses seek to gain ground in 2022," he added.
The research reveals a rise in the number of consumers planning to travel for leisure in the next three months.
There was a 16% rise in those planning to stay in a hotel, a 21% rise in those planning to attend in-person events and a 14% increase in those planning to take an international flight in the same period.
The findings reveal that consumer spending is up marginally for the fourth survey in a row.
Spending across all the main categories is stable including groceries, clothing, restaurants, healthcare, electronics and entertainment.
However, 53% of those surveyed are concerned about the amount of money they have saved - up 2%.
Despite the growing concerns about the cost of everyday living, the survey reveals signs of optimism, particularly among those aged 18-34.
There has been a 5% increase in those feeling optimistic that the financial situation will improve within three years and 43% of consumers report spending more to enjoy today.
