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France Consumer Confidence Weakens More Than Expected

France consumer confidence deteriorated more than expected in March, survey results from the statistical office Insee showed on Tuesday.

The consumer sentiment index fell to 91 in March from 97 in February. Economists had forecast the index to fall moderately to 94.

Households’ assessment about the past financial situation dropped marginally to -20 from -19. Meanwhile, the outlook for the next twelve months declined markedly to -22 from -6.

At 3 points, households’ opinion balance related to their future savings capacity lost nine points. The index for current saving capacity decreased two points to 21.

The survey showed that the share of households that consider that the standard of living in France will improve in the next twelve months decreased sharply. The corresponding indicator slipped to -60 from -39. Meanwhile, their view about past standard of living gained 2 points.

Households’ fears about unemployment bounced back, with the index rising by nine points to +6.

In March, the share of households who believe that price will accelerate over the next twelve months advanced sharply. The corresponding balance surged 50 points, hitting a record high.

On the other hand, the share of households who believe that the rise in prices have increased over the past twelve months has dropped.

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