The overall Consumer Confidence Index (CCI) declined to -10.8 index points in July 2025, reversing the steady improvement observed between February and June. Compared to June, the index decreased by 3.0 index points, indicating a renewed weakening of consumer sentiment and returning confidence to levels last seen in early spring.

Both sub-indices deteriorated in July, reflecting a broad-based decline in assessments of both current conditions and future expectations. The Present Situation Index fell to -14.5, worsening by 2.3 index points compared to June, while the Expectations Index declined more sharply to -7.2, decreasing by 3.8 index points. This simultaneous weakening suggests that both households’ current economic assessments and their outlook for the coming months have deteriorated.

At the indicator level, inflationary pressures remain a central concern. Perceptions of past inflation remained extremely weak at -79 index points, unchanged from June, indicating persistently strong price pressures as experienced by consumers. Moreover, inflation expectations deteriorated markedly to -29 index points, reversing the improvement observed in June and signaling heightened concern about future price developments.

Assessments of the general economic situation weakened further in July. Perceptions of recent economic developments declined to -8 index points, while expectations regarding the country’s economic outlook fell to 4, pointing to a loss of optimism at the macroeconomic level.

Indicators related to household finances and the labor market also show a mixed but generally weaker picture. Assessments of recent changes in personal financial position remained marginally positive at 2 index points, while expectations for future personal finances eased to 17 index points, though remaining clearly positive. Expectations regarding unemployment improved slightly to -5 index points, suggesting somewhat reduced labor market concerns despite the broader deterioration in sentiment.

Sentiment related to consumption decisions softened in July. The assessment of whether now is a good time to make major purchases deteriorated to -34 index points, while expectations about making major purchases declined slightly to 16, though they remain elevated relative to earlier months. These movements suggest a moderation in consumption confidence following the strong improvements observed in May and June.

Indicators related to savings behavior also weakened. The assessment of current conditions for making savings declined to 53 index points, while expectations about future savings deteriorated further to -46, highlighting renewed concerns about households’ ability to sustain savings. Assessments of current financial standing worsened to -21 index points, the weakest reading since March.

Overall, the July 2025 results indicate a temporary setback in consumer confidence, following several months of gradual improvement. The decline appears to be driven primarily by renewed inflation concerns, weaker macroeconomic assessments, and deteriorating views of current financial conditions, underscoring the continued sensitivity of consumer sentiment to price dynamics and economic uncertainty.

Note: Starting in July, the CCI underwent minor shifts in methodology. Specifically, the questionnaire was slightly modified, in terms of how questions were formulated when conducting a survey.