Inflation causes German consumer climate to plunge in July
Jul 28th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The GfK consumer climate study for July 2008 fell to the lowest level since June 2003 as new record highs in energy prices, stronger fears of recession and the renewed persistence of the crisis in the financial markets have rocked consumer confidence. While the index reflecting the propensity to buy was only slightly down, the indicator of economic and income expectations dropped significantly. The consumer climate for August is consequently forecasting a value of 2.1 points for August after a revised 3.6 points in July.