Consumer confidence levels in South Africa has plunged to -25 in the second quarter of 2022 as the local and global economic outlook sours in the wake of spiking inflation and the fallout from the Russia-Ukraine conflict. The latest FNB/BER Consumer Confidence Index reading, published on Wednesday, is the worst in three decades, barring the initial Covid-19 hard lockdown period in the second quarter of 2020.
“The remarkable collapse of the CCI during the second quarter of 2022 can be ascribed to a major deterioration in the economic outlook sub-index of the CCI [from -18 to -39] and a complete turnabout in the household financial prospects sub-index [from +8 to -5].
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