EU-Survey: Consumer mood in Euro-Zone improves slightly in July
The consumer mood in the Euro-Zone improved slightly in July. The consumer climate barometer climbed by one point to minus 12.0 points, according to the survey released on Tuesday by the EU Commission. Economists polled by Reuters had expected a reading of minus 13.4 points. The barometer remains below its long-term average.
Inflation in the Euro-Zone had recently decreased slightly. Consumer prices rose by 2.5 percent within a year in June. In May, the inflation rate was still 2.6 percent, following 2.4 percent in April. For the European Central Bank (ECB), the target of an inflation rate of 2.0 percent is getting closer as a result. ECB Vice-President Luis de Guindos is already looking towards the September meeting for a possible next easing step. The ECB had lowered interest rates in June. Since then, the ECB deposit rate has been 3.75 percent.**
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The improvement in the consumer mood in July, as indicated by the European Union-Survey, is still under the long-term average of minus 12.0 points. Despite this, economists might find some positivity in the fact that the average consumer mood is now slightly better than it was in June. Demonstrating a consistent trend, the EU-Survey shows that consumer mood in the European Zone has been under the average for several months.
