The overall Consumer Confidence Index (CCI) stood at -11.9 index points in March 2025, indicating a modest improvement compared to February (by 1.5 index points), while remaining below the January level (by 2.2 index points). This pattern suggests a partial recovery in consumer sentiment following the February downturn, though confidence has not yet returned to its early-year level.

Both sub-indices moved in the same direction between February and March, registering slight improvements. However, a pronounced gap persists between perceptions of current conditions and expectations for the future. The Present Situation Index remained substantially lower at -16.9, compared to the Expectations Index at -6.8, indicating that consumers continue to assess their current economic and financial situation more negatively than their outlook for the coming months.

At the indicator level, price developments remain the dominant source of concern. The balance for perceived past inflation deteriorated further to -77 index points (from -76 in February), confirming persistently strong inflationary pressures as experienced by households. While inflation expectations improved noticeably in March (-17, compared to -28 in February), they remain firmly negative, suggesting that consumers still expect prices to rise, though at a slower pace than before.

Assessments of the general economic situation also remain weak. Perceptions of recent economic developments improved slightly to -12 index points (from -15 in February), while expectations for the country’s economic situation continued to decline, falling to 3 index points (from 6 in February). This points to diminishing optimism regarding near-term macroeconomic prospects.

Indicators related to the labor market and household finances show mixed signals. Expectations regarding unemployment improved to a neutral balance (0 index point), suggesting some easing of labor market concerns. At the same time, assessments of current personal financial standing deteriorated further to -20 (from -19 in February), highlighting ongoing pressure on household budgets. Expectations for personal financial conditions remained positive but weakened compared to previous months, declining to 13 in March.

Regarding consumption and savings behavior, confidence remains subdued. The assessment of whether now is a good time to make major purchases improved marginally to -40 index points, while expectations about making major purchases turned positive (5), indicating some recovery in forward-looking consumption sentiment. In contrast, while respondents remain relatively positive about whether now is a good time to make savings (at 48 index points), expectations about future savings deteriorated further to -44, indicating concerns about households’ capacity to save in the period ahead.

Overall, the March 2025 results indicate a fragile improvement in consumer confidence, driven mainly by easing inflation expectations and slightly better forward-looking indicators. Nevertheless, weak assessments of current conditions, persistent inflation concerns, and deteriorating views on future savings continue to weigh on overall sentiment.

*Methodological note

Due to the re-establishment of data collection procedures in 2025, the index constitutes a new statistical series and is not directly comparable with earlier releases.