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UK GfK Consumer Confidence returns to levels seen in July


UK GfK Consumer Confidence fell -9 points to - 30 in October, the largest M/M decline in the index since April 2020. However, this only returns us to levels seen in July.

  • All five sub-components of the index were down in comparison to last month, with the Major Purchase measure falling -14 points - a concern for retailers in the run-up to the festive season.
  • "The fall underlines that the cost-of-living crisis is still exerting pressure on many consumers…. Meeting the accelerating costs of heating our homes, filling our petrol tanks, coping with surging mortgage and rental rates, a slowing jobs market… are all contributing to this growing unease." said the GfK Client Strategy Director.
  • The index remains above levels seen in the majority of 2022. However, there will be little immediate implications for monetary policy from the data, given there has been no clear trend over the last 6 months.

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