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 entrenched 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 taking part in this month’s LatinFocus Consensus Forecast predict that private consumption will increase by 2.6% in 2022, or 0.4 percentage points from last month’s forecast and 1.9% in 2023.