Consumer confidence in the UK has dropped to the lowest level since records began nearly five decades ago, business intelligence firm Growth from Knowledge (GfK) has said.
GfK’s long-running Consumer Confidence Index decreased two points to minus 40 in May, the lowest score since records began in 1974.
The data comes as UK inflation reaches a 40-year high amid soaring food and fuel prices, adding to the financial pressure on millions of British households.
The Consumer Price Index (CPI) inflation rose to 9 percent in the 12 months to April, up from an already high 7 percent in March, according to the Office of National Statistics (ONS)….
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