In the second quarter of 2023, consumption trends have been mixed across selected countries. Relative to 2022-Q2, Switzerland, Italy and the United Stated experienced increases in private consumption, while Germany and France suffered from a decline, which has been (at least partially) compensated by an increase in private investments. Other causes for the decrease in private consumption are likely to include a decrease in purchasing power due to the high inflation rates, an increase in precautionary saving due to persistent economic uncertainty related to the Russian invasion of Ukraine which increased global commodity prices, and the current tightening of the monetary policy by the European Central Bank and the U.S. Federal Reserve to slow down inflation, affecting also economic growth prospects. The average growth in private consumption among OECD countries was 0.44% relative to the previous quarter and almost 2% relative to the previous year.