The German people’s sentiment continues to suffer from soaring energy and food prices, the shadow of war in Ukraine and the morose sentiment thereto. The GfK Consumer Climate Indicator for Germany edged up to -26 heading into June of 2022 from a record low of -26.6 in May which was expected in market forecasts. Germany’s once stoic V-shaped recovery has long been put to bed and moves by the ECB to raise rates will further cloud the mood. Despite the small rise in June, consumer sentiment is still at an all-time low.
German GfK Consumer Climate Indicator for May 2022
- Consumer Climate -26 from a record low of -26.6
- Economic (-9.3 vs -16.4 prior)
- Income (-23.7 vs -31.1 prior)
- Propensity (-11.1 vs -10.6 prior)
“Despite further easing of corona-related restrictions, the Ukraine war and above all the high inflation are weighing heavily on consumer sentiment”, Rolf Bürkl, GfK consumer expert said.
From The TradersCommunity Research Desk