July consumer confidence suffers second biggest fall since 2010, finds Public Issue

Consumer sentiment suffered in July its second biggest drop since Greece agreed a bailout in 2010, according to Public Issue’s monthly economic barometer.

The polling company’s Consumer Climate Index (CCI) for July indicated that sentiment had dropped by 11.1 points to 51.7 this month.

Public Issue said the only month in which there was a bigger decline was in May 2010, when Greece signed its Memorandum of Understanding with the eurozone and International Monetary Fund. Then, the CCI fell by 18.7 percent.

The CCI had been showing a steady rise since the fall of 2012, gaining 17.5 points between November last year and June this year.

Public Issue said two other key indicators, the Current Economic Conditions Index (CECI) and the Consumer Expectations Index (CEI). The CECI dropped by 11.5 points to 37.1 and the CEI declined by 10.8 points to 61.5.

Public Issue said that the fall in consumer sentiment during July was probably caused by the collapse of the three-party coalition over the closure of public broadcaster ERT.

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