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Eurozone, EU Consumer Confidence Slip on Russia-Ukraine Conflict

March 23, 2022 by Forex Winner Leave a Comment

Consumer confidence

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%.

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