Economy
UK consumer confidence drops at fastest rate since Brexit vote amid Middle East conflict
The GfK consumer confidence index plunged by 11 points to -24 in October, driven by rising energy bills and petrol prices ahead of the upcoming budget.
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The essentials of this story
- What happened
- UK consumer confidence recorded its sharpest drop since 2016, falling 11 points to -24 in October amid rising inflation and energy costs.
- Who is affected
- UK households, consumers, and manufacturing businesses facing rising living costs and tight financial conditions ahead of the winter season.
- What changes
- Consumers are signaling cuts to major purchases and discretionary spending, while businesses face continued cost pressures ahead of the government's budget statement.
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Sources
- UK consumer confidence falls at fastest rate since Covid as cost of living bites — The Guardian — negócios
