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Euro-Zone Consumer Confidence Plunges to Lowest Level on Record

  • Consumer sentiment gauge dropped to -27 in July, est. -24.9
  • ECB about to raise rates to tackle unprecedented inflation
A shopper browses a market in the Plaza Mayor of Vic, Spain, on April 12.

A shopper browses a market in the Plaza Mayor of Vic, Spain, on April 12.

Photographer: Angel Garcia/Bloomberg

Euro-area consumer confidence dropped to its lowest level on record as households brace for a possible recession amid record inflation and the risk of a Russian energy cutoff.

A monthly gauge from the European Commission showed a reading of -27 in July -- down from -23.6 in June and worse than the -24.9 median estimate in a Bloomberg survey of economists.