Consumer sentiment in Germany is deteriorating, as households fret about surging oil prices and political uncertainty in the euro zone's biggest economy, a new poll shows today.
'The election battle and the clashes in the run-up to the German elections on the one hand and the hike in oil prices on the other have further impacted on the consumer mood in Germany,' market research group GfK said in a statement.
'All indicators point to domestic demand remaining very weak this year, providing virtually no tangible impetus for macroeconomic growth,' it said of its September survey.
For its monthly poll, GfK quizzes around 2,000 consumers on their views on the economic outlook, income expectations and their propensity to buy. The responses are then used to calculate an overall consumer climate index.
GfK forecaste that this indicator would fall slightly to 3.1 points in October from a revised figure of 3.3 points in September.
