Consumer confidence rises as inflation eases – London Business News | Londonlovesbusiness.com

The S&P Global UK Consumer Sentiment Index (CSI) survey has found that consumer confidence in the UK has improved in October.

The CSI is moving closer to a 37 month high and household spending, debt and savings hit a reading of 47.3 this month, which is an increase from 46.0 last month.

Maryam Baluch, economist at S&P Global Market Intelligence, said, “Consumer confidence is showing signs of reviving again after being hit by gloomy talk surrounding the Budget, which pulled sentiment off the recent post-election high seen in July.

“Confidence is being supported first and foremost by the strong labour market, with the survey showing both job security and income from employment improving at some of the fastest rates seen since data were first collected in 2009.

“An easing of inflation worries, combined with expectations of a further lowering of interest rates, has also helped allay worries over the cost of living.”