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(Bloomberg) — French consumer confidence advanced more than expected in July, recovering some lost ground since the start of the Iran war.
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The monthly measure of household sentiment rose to 86 from 84 as optimism on personal finances and living standards improved, statistics agency Insee said on Tuesday. That’s the highest level since March and one point stronger than the median estimate in a Bloomberg survey of economists.
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Despite the improvement, the reading remains well short of the indicator’s long-term average of 100.
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The French economy contracted at the start of the year and second quarter figures later this week are expected to show only 0.2% growth. Consumer spending has been weak as households struggle with accelerating inflation and the government limits fuel aid as it seeks to contain a large budget deficit.
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The European Central Bank said last week that the full effect of the energy shock “has yet to play out.” While the institution refrained from a second rate hike to contain inflation at its July meeting, it said there are upside risks to prices.
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Still, Insee’s measure of views on inflation showed the proportion of households who consider prices have risen over the last year declined, and there was a sharp drop in the balance between those expecting an acceleration and those not foreseeing an acceleration.
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The survey was conducted between June 25 and July 20, with most responses coming in the first two weeks of the period, which predates the recent bout of wildfires in the Bordeaux region.
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—With assistance from Giovanna Coi, Harumi Ichikura and Joel Rinneby.
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