UK consumer confidence weakened in January amid concerns over higher inflation and interest rate hikes, survey results from GfK showed on Friday.
The consumer confidence index fell to -19 in January from -15 in the previous month. All five measures of the index were down in comparison to the December 17th data.
The index measuring the past personal financial situation dropped slightly to -6 in January from -5. The outlook for personal financial situation declined 3 points to -2.
The assessment of general economic situation logged a marked decline. The gauge for the past general economic situation slid to -47 in January from -39 in the prior month. At the same time, the outlook for general economic conditions worsened to -32 from -24.
The major purchase index came in at -10 versus -6 in the previous month.
“Will the mood brighten when the latest wave of the pandemic subsides and Covid numbers improve? It seems unlikely because it’s the cost-of-living squeeze that’s worrying us now and this will affect us for months to come,” Joe Staton, client strategy director at GfK said.
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