(RTTNews) - Euro area consumer confidence strengthened for a sixth month in a row in July as households look forward to, yet another interest rate cut from the European Central Bank in September.
The flash consumer confidence index rose to -13.0 from -14.0 in June, survey data from the European Commission showed Tuesday. Economists had expected a reading of -13.0.
The latest reading was the highest since February 2022, when it was -9.4. The ECB had reduced interest rates for the first time in five years in June, citing an improvement in the inflation outlook.
The central bank left rates unchanged this month with ECB President Christine Lagarde saying that the question of any move in September is wide open.
The ECB is widely expected to lower rates again in September though core inflation has proven to be sticky in the recent months. The consumer confidence index reading for the EU also increased in July, rising to -12.2 from -12.9 in June. Consumer confidence is approaching its long-term average, the commission said.
Data for the latest survey was collected from July 1 to 22. The detailed data for consumer confidence is scheduled to be released along with the monthly economic sentiment survey results on July 30.
