Economy

Consumer Confidence Index drops 3.3 points in November, to 85.3 points, says FGV/Ibre

The Consumer Confidence Index (ICC) by FGV/Ibre fell 3.3 points in November, to 85.3 points, the lowest level since August (83.6 points).

In quarterly moving averages, the index continues to advance 0.5 points, to 87.6 points influenced by the increase in the last four months.

Viviane Seda Bittencourt, coordinator of the surveys, highlighted that consumer confidence fell for the second consecutive month. “After the effect of income transfers, low-income consumers feel less satisfied about their family financial situation and revise their expectations downwards in the coming months”, she said.

According to her, even with a drop in perspectives on inflation and a still positive effect on the job market, there is an increase in pessimism about family finances in the coming months. “It is possible that there is still some room for consumption by families with greater purchasing power, but given the macroeconomic conditions, sustaining it in the coming months ends up being a difficult task”, he pondered.

In November, the drop in the ICC was influenced by the worsening of evaluations about the moment and by the reduction of expectations regarding the coming months. After three months of highs, the Current Situation Index (ISA) fell 3.7 points to 70.8 points, the lowest level since July 2022 (70.3 points), while the Expectations Index (IE) retreated 2 .7 points to 96.0 points for the second consecutive month.

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