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UK consumer confidence rises to a two-year high in August

GfK said confidence in major purchases climbed to its highest level since December 2021, while it warned inflation is back on the rise.

Reported · Written up by our desk · Major Pairs

UK consumer confidence improved in August, with GfK reporting its Consumer Confidence Index rose to -14 from -17 in July, beating forecasts for a drop to -18, according to Forexlive.

The biggest detail came from the sub-index for confidence in making major purchases, which climbed to its highest level since December 2021, and personal financial confidence for the next 12 months also rose to the highest since January.

Confidence was further supported by improvements across most other measures in the GfK survey, including expectations for the broader economy reaching a two-year high.

Even with the upbeat headline readings, GfK cautioned that inflation is back on the rise and that ongoing uncertainty, including related to the Middle East, could still pressure UK households in the months ahead, Forexlive noted.

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