UK consumer confidence edges higher - GfK

25th Apr 2024 09:23

(Sharecast News) - UK consumer confidence edged higher in April, a long-running survey showed on Friday, as falling inflation helped boost sentiment.

The latest GfK Consumer Confidence Index rose two points to -19, after March's score of -21 was unchanged on February. In April 2023, the index stood at -30.

Within the overall score, the sub-measure marking the personal finance situation for the coming months was unchanged at 2, while the forward-looking general economic measures rose 2 points to -21.

The major purchase index also strengthened, up 2 points at -25.

Joe Staton, client strategy director at GfK, said: "While the overall index score remains negative, all of the underlying five measures this April are significantly better than they were last April.

"These improvements reflect the impact on household budgets of lower inflation, and the anticipation of further tax cuts.

"However, we are a long way from the much firmer sentiment last seen in the period before Brexit, Covid and the conflict in Ukraine. There is a lot of ground to make up, and caution is needed in the face of continuing economic and fiscal challenges."