German consumer confidence has hit its lowest level since June 2003.
That's according to a survey by the GfK Group which is one of the largest market research companies in the world. According to the survey, inflation is eroding the positive momentum generated by improvements in the job market and beneficial wage and salary increases compared with last year. In June, consumer prices in the biggest European economy rose by 3.3 percent, the biggest increase since December 1993. With the euro's rise in value hampering Germany's export-led economy, the government had Germany rejects PKK demands for hostages ...
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Slovakia to join the euro next year ... hoped that consumers would begin to spend more, but GfK say that fears about increases in energy prices are making Germans afraid to hit the shops.
(Deutsche Welle)
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