2023-03-24 03:17:54 ET
- The GfK Consumer Confidence indicator in the United Kingdom rose to -36 in March 2023 from -38 in February, matching market expectations and pointing to the highest reading in a year amid better economic forecasts.
- Still, March’s figure remained well below zero, indicating an overall decline in confidence as weak sentiment over personal finances continued to weigh heavily.
- Joe Staton, client strategy director at GfK, said the overall improvement masked "continuing concerns among consumers about their personal financial situation".
- He added that "wages are not keeping up with rising prices and the cost of living crisis remains a stark reality for most".
- Soaring energy and food prices, as well as higher interest rates were among the factors squeezing household budgets.
- UK inflation rose unexpectedly to 10.4% in February, prompting the Bank of England to raise interest rates by another 25 basis points.
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UK consumer sentiment improves to 1-year high to -36 in March from -38 in February