2023-08-25 02:32:11 ET
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The GfK Consumer Confidence indicator in the United Kingdom rose to -25 in August 2023 from -30 in July, beating forecasts for a slight improvement to -29 as easing inflation reduced pressure on household spending.
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The headline inflation in the country slowed to 6.8% in July from 7.9% in June, while core inflation remained flat.
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All five components measured in the survey improved this month, including respondents’ feelings about their personal financial situation and the wider economy for the next 12 months.
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Joe Staton, client strategy director at GfK said: “Consumer confidence regained momentum this month with a welcome five-point improvement. While the financial pulse of the nation is still weak, these signs of optimism are welcome during this challenging time for consumers across the UK.”
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UK consumer confidence improves in August amid easing inflation