BERLIN, Oct 24 Reuters German consumer sentiment is set to fall for a third month in a row in November, ending any hopes of a recovery this year as households grapple in particular with high food prices, a survey showed on Tuesday.

The consumer sentiment index fell to 28.1 points heading into November from a slightly revised 26.7 the month before and below expectations of analysts polled by Reuters of 26.5.

The drop in the index, published jointly by the GfK institute and the Nuremberg Institute for Market Decisions NIM, was attributed to rising food and energy prices.

A renewed rise in consumers39; propensity to save, to 8.5 points from 8.0 the month before its highest level in over a decade reinforced the downward trend in the consumer climate.

With the third decline in a row, hopes of a recovery in consumer sentiment before the end of the year must be buried for good, said Rolf Buerkl, consumption expert at NIM.

The high prices for food are weakening the purchasing power of private households in Germany and ensuring that private consumption will not be a pillar of the economy this year.

NOV 2023

OCT 2023

NOV 2022

Consumer climate

28.1

26.7

41.9

Consumer climate components

OCT 2023

SEP 2023

OCT 2022

willingness to buy

16.3

16.4

17.5

income…