Financial News: French Consumer Confidence Weakens In February

French Consumer Confidence Weakens In February

(RTTNews) - France's consumer confidence dropped slightly in February, reflecting moderate weakness in households' assessment about financial situation, survey results from the statistical office INSEE showed Friday.

The consumer confidence index fell to 82 in February from revised 83 in January. The score was forecast to fall to 80.

Households' assessment of their past as well as future financial situation remained at a low level. The index for past financial situation fell two points to -32 and that for future financial situation slid one point to -23.

The balance of opinion associated with the opportunity to make major purchases was stable, at -40.

On saving capacity, the survey showed that households' intention to save increased sharply in February due to the rise in rates on certain saving products. The corresponding index advanced to 37, the highest level since May 2021.

At the same time, the balance of opinion on their ability to save in the future slid one point, while the index measuring current ability to save was unchanged at 15 in February.

The balances of opinion among households regarding past and future standard of living in France were stable at -80 and -63, respectively.

The survey showed that households' fears about the evolution of unemployment remained stable. The corresponding balance came in at 23.

On inflation front, the survey revealed the proportion of households who consider that prices increased over the last twelve months gained three points to 74, the highest since 1977.

Likewise, the share of households who believe that prices will accelerate over the next twelve months rose to -11 from -13. The survey was conducted between January 27 and February 15.

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