France: Consumer confidence at a low of nine years

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French consumer confidence fell more than expected in June, reaching a nine-year low as concerns about the economic outlook grew amid high inflation and political uncertainty.

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The statistical service Insee, stated that the consumer confidence index fell to 82 points in June from 85 in May and to the lowest level since July 2013.

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Estimates spoke of a drop to 84 points.

Although household worries about future inflation remain well above the long-term average, they fell in June for the third month in a row.

However, household sentiment about the overall economic outlook continued to deteriorate, reaching its lowest level since May 2020 when France was in the second month of its first and toughest lockdown.

While rising inflation has pushed households in recent months, the political situation in France has increased uncertainty about the economic outlook after Macron’s party lost its majority in parliamentary elections this month.

Source: Capital

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