EU consumer confidence weakens again after a positive reading last month, according to the latest data from the European Commission.
The survey was positive from February to June and negative in July and August. After another positive reading in September, it has gone yet again into negative territory in October.
However, the press note says that “at −6.1 points (EU) and −4.8 points (euro area), the indicator remains close to or above its pre-pandemic level in both regions.”
While one negative reading does not support definite conclusions, it might indicate a certain level of uncertainty over the economy.
In addition, the latest surge in energy prices are likely increasing worries over inflation. The latest spikes in gas prices is probably another factor increasing uncertainty.
These increasing costs add to the list of worrying developments, such as shortages of raw materials and rising infections in some countries in Europe.