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German consumer confidence surges

Berlin - German consumer confidence is set to surge to a 13-year high next month as plummeting oil prices boost optimism about the outlook for Europe's biggest economy.

Confidence among consumers will rise to a stronger-than-forecast 9.3 points in February from 9 points in January, the Nuremberg-based GfK research group said releasing its forward-looking indicator on Wednesday.

The index now stands at its highest level since November 2001 with the institute's survey showing big gains in household income and spending expectations.

Analysts surveyed by dpa-AFX had predicated that the GfK indicator would edge up to 9.1 next month.

"German consumers have evidently also been affected by the major collapse in energy prices over the past few weeks," the GfK said.

"Reduced costs of fuel and heating oil are boosting disposable income, giving consumers greater freedom for other spending or purchases," it said.

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