Consumer confidence and economic outlook weaken amid rising energy prices

The decline in confidence in the Czech economy in October reflects concerns over sharply rising energy commodity prices, the geopolitical situation and weakening demand, according to analysts cited by the Czech News Agency.

Economic confidence fell by 1.6 points month-on-month to 97.9 points, its lowest level since April last year.

The outlook for economic growth has weakened slightly further in recent months, while the risk of faster inflation is increasing, according to Miroslav Novák, an analyst at Citfin.

He said rising energy prices and the possibility that higher costs would gradually curb household spending were the main risks to the economy.