UK consumer confidence soars to highest point in 20 months

Consumer confidence across the UK has climbed to its highest point since January 2022, rising for the second consecutive month in September.

The consumer confidence index increased by four points to -21 this month.

The value has exceeded the record low of -49 during the same time last year, according to market research company GfK.

The rise was aided by easing inflation rates and strong wage growth.

Economists in a Reuters poll previously forecast the consumer confidence index would fall to -27 this month, down from -25 in August.

The GfK survey was carried out before the latest inflation figures and the Bank of England deciding to hold interest rates.


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Despite the rise, economists cautioned an expected increase in unemployment while weakening economy threatens to undo the recent higher readings.

In February, UK retail sales rose more than expected and returned to pre-pandemic levels, as consumer confidence rose to its highest level in a year.

The Office for National Statistics (ONS) reported a 1.2% jump in sales volumes compared to the previous month.

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