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German consumer sentiment slumps as Iran war sparks inflation fears
(Sharecast News) - German consumer sentiment is set to worsen next month due to the war in Iran, with rising energy prices fuelling inflationary fears among households, according to a survey published on Thursday. The consumer sentiment index, published by the GfK market research institute and the Nuremberg Institute for Market Decisions, fell 3.2 points to -28.0 for April.
Consumers' income expectations slumped into negative territory, falling 12.6 points to - 6.3.
"Many consumers are clearly concerned that the modest recovery of the German economy could suffer a serious setback, particularly if the conflict were to last for a long time," the survey found.
"In a recent NIM study, 60% of Germans state that they expect prices for oil, gas and petrol to remain high in the long term. This naturally has a negative impact on consumers' mood," said Rolf Buerkl, head of consumer climate at NIM.
"Whilst the willingness to buy and the willingness to save are currently showing little reaction to the geopolitical events in Iran, consumers expect inflation to rise again due to higher energy prices, and the economic recovery to be slowed once more."
Reporting by Frank Prenesti for Sharecast.com
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