By Scott Kanowsky
Investing.com — Consumer morale in the eurozone slumped in June, suggesting soaring inflation across the currency bloc is weighing on households’ willingness to spend.
The flash estimate for the euro area’s consumer confidence indicator declined by 2.4 points to -23.6, according to the European Commission’s Directorate-General for Economic and Financial Affairs. The reading is below analyst estimates and near an all-time low reached in April 2020 at the beginning of the pandemic.
Across the entire 27-country European Union, the number fell to -24.
Wednesday’s numbers come after eurozone inflation spiked to a record high of 8.1% in May, as Russia’s invasion of Ukraine helped push energy and food prices higher.