UK consumer confidence has risen but is still near record lows | Daily News Byte

UK consumer confidence has risen but is still near record lows

 | Daily News Byte

[ad_1]

LONDON, Dec 16 (Reuters) – British consumer confidence rose this month but is still near an all-time low as high inflation erodes household incomes, market research firm GfK said on Friday.

GfK’s monthly consumer confidence index, which dates back to 1974, rose to -42 in December from -44 in November. It touched a record low of -49 in September.

December’s reading was the highest since July and the index’s third consecutive monthly improvement.

Still, Joe Staten, director of client strategy at GfK, said the eight-month readings of -40 or worse were the first in the survey’s nearly 50-year history and added to signs of a recession.

“The outlook for our personal financial situation over the next 12 months — perhaps the key measure as we enter the new year — hangs at -29, and concerns about our economic future are acute,” Staten said.

“With little seasonal cheer at present and no immediate prospect of financial good news, it is unlikely that we will see a recovery in confidence anytime soon,” he added.

Britain’s official budget forecasters last month warned of a record erosion in living standards despite government plans to limit the rise in energy bills caused by the war in Ukraine.

GfK polled 2,000 people between 30 November and 9 December.

Reported by William Schomberg; Editing by David Milliken

Our Standards: The Thomson Reuters Trust Principles.

[ad_2]

Source link