Consumer confidence in Germany fell in June and the July forecast declined 1.2 points on a monthly basis to come in at negative 27.4 points, market research institute GfK said in a report released on Tuesday. The July figure represents an all-time low.
The economic expectations were down as the indicator declined 2.4 points month on month to negative 11.7 points, while the income expectations reading dropped 9.8 points, landing at negative 33.5, the lowest since December 2002. The propensity to buy indicator decreased by 2.6 points from the previous month to negative 13.7, the worst number since October 2008.
"Above all, the increase in the cost of living, which is almost eight percent at present, is weighing heavily on consumer sentiment and sending it into a downward spiral," GfK Consumer Expert Rolf Buerkl stated in the report.
