UK consumer confidence rebounded in August as inflation showed signs of cooling and strong wage growth buoyed household finances.
The market research company GfK said its reading of sentiment rose 5 points to minus 25 this month, recouping almost all of the downturn in July. Consumers’ outlook for their own finances in the next year is now 28 points higher than a year ago.
“While the financial pulse of the nation is still weak, these signs of optimism are welcome during this challenging time for consumers across the UK,” Joe Staton, GfK’s client strategy director, said in a report released Friday. “Consumer price inflation is slowing, but costs remain elevated and will continue to test many household budgets for months to come,” said Linda Ellett, UK head of consumer markets, retail and leisure at KPMG. “Consumers still face far more significant price hikes in the likes of mortgage or rent — which are far harder to manage and will inevitably impact consumer spending further.”
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