The overall Consumer Confidence Index (CCI) improved to -6.9 index points in January 2026, recovering from the low level observed in December. The index increased by 4.8 index points month-on-month, marking the strongest reading since mid-2025, though confidence remains in negative territory.

Both sub-indices strengthened in January, with improvements more pronounced in expectations than in assessments of current conditions. The Present Situation Index rose to -11.1 index points, improving by 5.9 index points compared to December, while the Expectations Index increased to -2.7 index points, improving by 3.8 index points. Despite these gains, perceptions of current conditions remain clearly pessimistic, indicating that the recovery is driven primarily by forward-looking sentiment.

At the indicator level, inflation-related perceptions improved notably, supporting the rise in confidence. Perceptions of past inflation eased to -79 index points, while inflation expectations strengthened sharply to -6 index points, suggesting a substantial reduction in concerns about future price increases. However, experienced inflation remains highly negative, pointing to continued pressure on household budgets.

Assessments of the general economic situation remained weak but showed some stabilization. Perceptions of recent economic developments improved to -7 index points, while expectations regarding the country’s economic outlook remained modest at 3 index points, indicating subdued but steady macroeconomic sentiment.

Indicators related to household finances and the labor market improved overall. Assessments of recent changes in personal financial position increased to 8 index points, while expectations for future personal finances remained positive at 14 index points. Expectations regarding unemployment turned positive at 1 index point, suggesting a slight increase in labor market concerns, though still broadly stable.

Sentiment related to consumption decisions improved, though it remains subdued. The assessment of whether now is a good time to make major purchases strengthened to -24 index points, while expectations about making major purchases remained elevated at 16 index points, indicating relatively stronger forward-looking consumption intentions compared to current conditions.

Indicators related to savings behavior remain fragile. While the assessment of whether now is a good time to make savings improved to 55 index points, expectations about future savings remained negative at -44 index points, highlighting persistent concerns about households’ ability to sustain savings. Assessments of current financial standing improved slightly to -20 index points, but remained weak overall.

Overall, the January 2026 results indicate a moderate and expectation-driven improvement in consumer confidence, largely supported by easing inflation expectations. Nevertheless, weak assessments of current economic conditions, persistently high perceived inflation, and fragile savings sentiment suggest that the recovery remains uncertain and vulnerable.