Consumers turned a bit more optimistic in May after the catastrophic mood in April

Following the 38-point plunge in April, the GKI consumer confidence index climbed back more than 11 points in May. This means that after the -50 points in April, the index grew to the still very pessimistic -38.5 points – by May, probably due to the government’s announcement that some of the coronavirus restrictions are eased. The last time the index was this low was the summer of 2013.

Consumers are still the most afraid of losing their job. The improvement has been the biggest in what people think about the perspectives of the Hungarian economy. In May consumers felt that the worsening of their own financial situation wasn’t as bad as they had thought back in April. People were also expecting a lower inflation level in May than in April, but they were still much more negative in this respect than in March. //