PARIS (Reuters – French consumer confidence declined more than was expected in April but inflation worries among households eased. A monthly survey on Wednesday showed this.

According to INSEE, its official statistics agency, the index of consumer confidence fell from 90 points in March to 88 in March. This is a low not seen since France experienced coronavirus lockdown 2020 and massive protests against government in 2018.

This was below the average of 92 points, which is what economists expected in a Reuters poll.

The April decline in consumer confidence is in stark contrast to the improving trend seen in France during presidential elections.

Emmanuel Macron was elected to a fifth term on Sunday. This election resulted in a victory that was largely fought by voters who were concerned about the impact of rising inflation on their purchasing power.

INSEE’s survey found that although households were more concerned about inflation than they were in 2008, their concerns for inflation over this year have fallen. This suggests that the worst may be behind them.

The survey revealed that households had a slightly worsened outlook on the economic environment in the face of rising inflation. However, they were not concerned about unemployment.