According to the latest GfK UK consumer confidence release, ‘soaring food and fuel prices and rising interest rates continue to darken the mood of the nation’. Today’s release – UK consumer confidence for July was unchanged at -41 – means that confidence in the UK remains at a historic low.
In slightly better news, UK retail sales volumes rose by 0.3% in July following a fall of 0.2% in June. According to the Office for National Statistics (ONS), non-store retailing sales volumes rose by 4.8% in July, with feedback suggesting that a range of promotions in July boosted sales. Fuel sales fell by 0.9% and non-food stores sales volumes fell by 0.7%.
