Consumer confidence fell to 41.3 in July from 43.0 in June. The July result marked the worst reading since March 2021 and comes against a backdrop of higher inflation and interest rates and growing fears of a US recession. As a result, the index remained rooted below the 50 point mark, signaling prolonged pessimism among consumers.
The headline print reflected a deterioration in consumer sentiment regarding major purchases, the overall economy and their own financial conditions.
Speakers attending this month’s LatinFocus Consensus Forecast predict that private consumption will increase by 2.6% in 2022, which is 0.4 percentage points higher than last month’s forecasts and by 1.9% in 2023.