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Consumer confidence remains at historic low in July

According to data from GfK’s Consumer Confidence Index, consumer confidence has remained the same as June levels – a record low – at -41.

The forecast for personal finances has increased by two points to -26, but the level is still 37 points lower than a year ago.

Expectations for the general economic situation over the coming 12 months has stayed the same as last month at -57. Meanwhile the major purchase index has risen by one point to -34, down from 36 in July 2021.

Joe Staton, client strategy director, GfK, commented: “Consumer confidence remains severely depressed this month as the impact of soaring food and fuel prices and rising interest rates continues to darken the financial mood of the nation.

“Despite a two point uptick in our hopes for our personal financial situations for the next 12 months, which might reflect optimism over imminent change at the top of the UK government, the overall index languishes at a historic low amid acute concerns for the general economic situation.”

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