Consumer Confidence Again

ISAE have today published their July 2007 reading for the Italian consumer confidence index (pdf).

This latest data point for consumer confidence (July) seems to confirm that people in Italy are nothing like as optimistic as they were last summer:

Italian consumer confidence remained near the lowest in more than a year in July, as rising interest rates and higher gasoline costs left families with less to spend. The Rome-based Isae Institute's index, based on a poll of 2,000 households, rose to 107.4 from 107.2 in June. A sub-index measuring confidence in the general economic situation rose to 90.6 from 89.4, still near the lowest level since January 2006.

Perhaps part of the reason is this:

Italians have seen their disposable income shrink as the highest interest rates in six years and a jump in energy costs erode what consumers have to spend. Gasoline prices in Italy have increased more than 12 percent this year, with the rise weighing on confidence as the summer driving season begins......Families are having a tough time setting aside money and sometimes have to dip into savings to balance household budgets