Consumer confidence deteriorated significantly in July relative to the previous month. The decline recorded in the current month is most probably due to recent political developments (closure of state broadcaster ERT, breakup of the ruling three-party coalition, government reshuffle), confirming the strong interaction between the consumer and the political climate. As things stand, it is not possible to forecast the course of consumer confidence, that is, whether the deterioration will prove to be conjunctural in nature or whether it marks the beginning of a reversal of the uptrend seen in recent months.