Euro area consumer confidence improves as expected in February

Consumer confidence in the single currency block improved for a fifth month in a row in February, but remained well below its long-term average.

The European Commission's consumer confidence index for the euro area rose by 1.9 points from the month before to -19.0, in line with economists' expectations.

A separate index for the whole of the European Union meanwhile improved by 1.5 points to -20.6.

Commenting on the latest confidence numbers, Melanie Debono at Pantheon Macroeconomics said they would cement the European Central Bank's intention to hike interest rates by 50 basis points at its March meeting.

Yet while not always the best indicator for quarter-on-quarter changes in euro area household spending, she was confident that this time it was right in pointing to declines in spending.

"Looking ahead, the index is likely to continue to trend upwards as inflation retreats further, but risks remain as the energy situation is still volatile and geopolitical tensions appear to be escalating."