(Bloomberg) -- Euro-area consumer confidence stayed close to a record low in October, highlighting the continued risk of a recession this winter as households struggle with surging inflation and an acute cost-of-living crisis.

A monthly gauge from the European Commission inched up to -27.6 from -28.8 in September, according to preliminary data released on Friday. Economists surveyed by Bloomberg had predicted a decline to -30.

The bleak outlook for the euro area is pushing governments to take extraordinary measures to protect firms and households. Many nations have already spent tens of billions of euros in aid, and European leaders agreed in the early hours of Friday to work on natural gas price caps for the whole bloc.

Meanwhile, the European Central Bank is expected to look past the recession risk and continue raising rates in large increments to combat stubborn inflation. According to a Bloomberg survey of economists, that will involve a second consecutive 75 basis-point hike at next Thursday’s meeting and another half-point step in December.

--With assistance from Harumi Ichikura and Kristian Siedenburg.

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