French Consumer Confidence Strongest Since Early 2022

French consumer confidence improved in August to the highest point since the start of the war in Ukraine, survey results published by the statistical office INSEE showed on Wednesday.

The consumer confidence index rose to 92 in August, in line with forecast, from 91 in July. This was the highest since February 2022.

Nonetheless, the score remained below its long-term average.

The survey showed that households were less negative about future and past standard of living. The balance of opinion corresponding to past trends gained four points to hit -68 and the one corresponding to future trends rose five points to -45.

The indicator measuring consumers' past financial situation edged down one point to -23, while the one related to their future financial situation rose one point to -9. Both remained below their long-term averages.

The proportion of households believing it is a good time to make major purchases improved slightly. The corresponding index came in at -31.

At the same time, the proportion of households believing it is a good idea to save rebounded with the index rising to 37. However, assessment about their current ability to save deteriorated slightly and consumers' view about their future ability to save remained unchanged from the previous month.

Further, the survey showed that households' fears regarding unemployment remained stable in July.

Fewer households assessed that prices will accelerate over the next twelve months. The associated balance dropped six points to -53, and stayed well below its long-term average.

The proportion of households who consider that prices increased strongly over the past twelve months decreased for the sixth consecutive month. The corresponding indicator lost four points in August.

The survey was conducted among 2,000 households between July 26 and August 19.

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