FRANKFURT, June 28 (AFP): The mood among German consumers has reached an all-time low, according to a key survey published Tuesday, as the war in Ukraine drives a painful wave of inflation.
Pollster GfK's forward-looking barometer fell to minus 27.4 points for July, the lowest figure since the series started in 1991. The deterioration in the index was due "above all" to the rising cost of living, GfK consumer expert Rolf Buerkl said in a statement.
The outbreak of the war has driven increases in the cost of energy, food and raw materials for which Ukraine and Russia are key suppliers. Inflation rose to 7.9 per cent in May, the highest rate since German reunification in 1990 and well above the two-per cent target of central banks.
"Broken supply chains", which have likewise contributed to higher prices.
German consumer mood hits all-time low as inflation soars
FE Team | Published: June 28, 2022 22:35:10
German consumer mood hits all-time low as inflation soars
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