Nearly nine out of ten mortgage holders have cut back their spending or plan to do so in the face of the “interest rate cliff” warned of by banks, new research shows.
, marking its 10th straight increase and indicating that it would do so at least once more this year.Phin Yuok and her husband Chhayhok Ear are staring down an interest rate cliff next year.
One of their biggest headaches is the rapidly increasing price of chicken, which Mr Ear said was up by between 30 per cent and 40 per cent. He has worked with meat for about 10 years and has never seen such an increase in the cost of chicken, reluctantly putting up the price of his chicken breast with skin from $8 a kilo to $12, and with skin off from $10 to $13.
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