Data from research firm GfK showed that consumer confidence in the German economy, which is Europe’s largest, fell to an all-time high.
According to the data, the index fell by July 2022 to the level of – (minus) 27.4 points, after being at the level of – (minus) 26.2 points in early June 2022.
Analysts in a survey conducted by the portal DailyFX, expected that the index of consumer confidence in the German economy will fall to -27.6 points.
In addition, the index of wage growth expectations fell to its lowest level in twenty years to -33.5 points after it was at -23.7 points earlier this month.
“The ongoing war in Ukraine and disruptions in supply chains are pushing up energy and food prices, making the consumer climate even bleaker than ever,” GfK expert Rolf Berkel commented on the data.
Source: RIA Novosti