UK consumer confidence is at its lowest in more than a year as the rising cost of living bites.
The consumer confidence index from GfK fell seven points to -26 in February, its lowest since January 2021, on the impact of rising food costs and energy bills, higher taxes and interest rate hikes.
Andrew Goodwin, economist at Oxford Economics, told the Financial Times: “The biggest gains from social consumption recovering are behind us and the worst of the squeeze on real incomes is still to come.”
