Germany GfK Consumer Climate Falls to -30.6 as Energy Costs Hit Income Expectations

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Germany’s GfK Consumer Climate index saw a severe deterioration, falling to -30.6 for October compared to a revised -26.8 in the prior period. According to the NIM institute, the decline marks a major setback for Europe's largest economy. The primary catalyst for the drop was a sharp plunge in household income expectations, which fell from 1.7 to -15.0, reaching their lowest level since April.