German and French consumer confidence reservoirs – POLITICO

FRANKFURT — Consumer confidence in the euro zone’s two largest economies continues to plummet amid soaring inflation and growing worries about growth prospects, data showed Thursday.

In Germany, the GfK forward-looking consumer sentiment survey, based on around 2,000 consumer interviews, predicted a drop to an all-time low in July. He predicted a reading of minus 27.4 points in consumer sentiment for July, down 1.2 points from June.

“The ongoing war in Ukraine and disruptions in supply chains are driving energy and food prices skyrocketing, resulting in a consumer climate that is bleaker than ever,” said Rolf Bürkl, expert in consumption of GfK.

Meanwhile, the French statistics office reported that consumer sentiment in June fell to its lowest level since July 2013, amid growing cost pressures and a general darkening of the economic outlook. It marks the sixth consecutive month of falling values, and at 82 it is well below its long-term average of 100.