Eurozone, EU Consumer Confidence Slip on Russia-Ukraine Conflict

Source: European Commission

Consumer confidence in the eurozone and the European Union fell to the lowest level since the onset of the COVID-19 pandemic, dragged by tensions between Russia and Ukraine. EZU is down 1.70%, while VGK is down 1.24%.

• The eurozone consumer confidence indicator fell by 9.9 points to -18.7.
• The European Union consumer confidence indicator declined by 9.4 points to -19.6.
• Both indicators fell well below their long-term averages and the lowest since the early months of the COVID-19 pandemic in 2020.
• The European Commission attributed the decline to the ongoing tensions between Russia and Ukraine.
• Should the conflict escalate, the European Central Bank expects inflation to reach as high as 7.1% this year and growth at 2.3%.