The Overall Index Score increased by two points to -20 in February, but still lower than December's reading of -17. All measures were up, in contrast with last month’s announcement when all key measures were lower.
"The biggest improvement is in how consumers see their personal finances for the coming year, with an increase of four points that takes this measure out of negative territory to +2," Bellamy noted.
"The Bank of England interest rate cut on Feb 6 will have brightened the mood for some people, but the majority are still struggling with a cost-of-living crisis that is far from over," Bellamy said.
With growth still anaemic, Bellamy said the data showed that "politicians looking for bright spots on the horizon will be disappointed."
Expectations for the general economic situation over the next 12 months have improved three points to -31; this was seven points worse than February 2024.
The Major Purchase Index, which Bellamy said is often seen as a barometer of how active the consumer is likely to be, rose three points to -17, eight points better than this month last year. (see MNI INTERVIEW: Consumer Boost Lead For UK Growth- ONS Fitzner )
