Title: French consumer confidence falls more than expected in

Jun 28, 2022 03:37AM ET

By: AnalysisWatch

A survey showed on Tuesday that French consumer confidence fell more than expected in June, reaching a near nine-year low as concerns about the economic outlook grew amid high inflation and political uncertainty.

The official statistics agency INSEE said its consumer confidence index fell to 82 in June from 85 in May, the lowest level since July 2013.

According to a Reuters poll of 14 economists, the median estimate was 84 and the lowest was 83.

Although households' concerns about future inflation remain well above the long-term average, they declined in June for the third consecutive month.

However, household sentiment on the general economic outlook continued to deteriorate, falling to its lowest level since May 2020, when France was in the second month of its first and most severe COVID-19 lockout.

While a sharp rise in inflation has stressed households in recent months, the political situation in France has increased uncertainty about the economic outlook after President Emmanuel Macron's party lost its ruling majority in this month's parliamentary elections.