EU consumer confience slumped in March according to the latest data from the European commission.
The survey showed decrease of 9.2 percentage points from February, dragging the indicator well below its long-term average.
The war in the Ukraine was likely to blame for this nosedive as it was increasing uncertainty and fuelling inflation.
As the war continues, consumer confidece in the EU is unlikely to rebound soon, with a strong chance that it could become worse before improving.