In the third quarter of 2023, consumption has increased only slightly in most countries. The modest increase in private consumption is likely fueled both by an increase in precautionary savings due to the persistent economic uncertainty related to the Russian invasion of Ukraine (which also increased global commodity prices), and the tight monetary policy of central banks to slow down inflation which affected economic growth prospects. The only country which experienced a decrease in private consumption is Germany, currently in an economic recession. The average growth in private consumption among OECD countries was 0.39% relative to the previous quarter and 1.5% relative to the same quarter of the previous year.