ING: Surging oil prices have already impacted household spending in the Eurozone

Golden Ten Data reported on March 12 that Carsten Brzeski and Franziska Biehl from ING Bank stated in a report that the surge in oil prices has begun to impact household spending at gas stations in the eurozone. Since the outbreak of the Iran war, the price of a tank of unleaded gasoline in Germany has increased by 13 euros. Even before this week's spike in oil prices, the cost of a standard tank in several major eurozone economies had returned to 2022 levels. Although this impact is not expected to last long, it may still put pressure on already weak consumer confidence. Analysts said: "Given the old saying 'oil prices rise like a rocket, fall like a feather,' not only confidence but also actual purchasing power is being affected."