The overall Consumer Confidence Index (CCI) improved further to -9.1 index points in May 2025, marking the third consecutive monthly increase since February. Compared to April, the index rose by 1.5 index points, fully offsetting the earlier deterioration observed at the beginning of the year and returning close to the January level. Despite this improvement, overall consumer confidence remains negative.

Both sub-indices strengthened in May, with improvements particularly pronounced in assessments of current conditions. The Present Situation Index increased to -12.5, improving by 2.7 index points compared to April, while the Expectations Index edged up slightly to -5.6. Although expectations continue to be more favorable than perceptions of current conditions, the narrowing gap between the two indices suggests a gradual alignment of household assessments and outlooks.

At the indicator level, inflation remains a key source of concern. Perceptions of past inflation deteriorated marginally to -76 index points, indicating that households continue to experience strong price pressures. Inflation expectations also worsened to -25 index points, reversing part of the improvement observed in March and April and signaling renewed concerns about future price dynamics.

Perceptions of the general economic situation continued to improve. Assessments of recent economic developments strengthened further to -3 index points, while expectations for the country’s economic situation remained positive at 7, suggesting growing confidence in near-term macroeconomic prospects.

Indicators related to household finances and the labor market present a mixed picture. Assessments of recent changes in personal financial position remained positive at 3 index points, while expectations for future personal finances eased slightly to 16, but stayed firmly positive. Expectations regarding unemployment turned positive at 1 index point, indicating a modest increase in labor market concerns compared to April.

Sentiment related to consumption decisions improved markedly in May. The balance for whether now is a good time to make major purchases strengthened substantially to -31 index points, while expectations about making major purchases increased sharply to 15, the highest level observed in 2025 so far. These developments point to a notable recovery in forward-looking consumption intentions.

In contrast, savings-related indicators remain fragile. While the assessment of current conditions for saving rebounded to 48 index points, expectations about future savings deteriorated further to -47, reflecting persistent concerns about households’ ability to sustain savings amid ongoing cost pressures. Assessments of current financial standing improved slightly to -17 index points, though they remain negative overall.

Overall, the May 2025 results indicate a continued and broad-based improvement in consumer confidence, driven by stronger assessments of current conditions and a significant rebound in consumption-related expectations. Nevertheless, renewed inflation concerns and weakening savings expectations continue to weigh on household sentiment, highlighting the still-fragile nature of the recovery.