UK consumer confidence improved in May for the fourth month in a row despite the cost-of-living crisis but remains low, according to GfK.
The widely followed consumer confidence index rose by three points in May to minus 27, from April’s minus 30.
GfK client strategy director Joe Staton said: "The cost-of-living crisis has been part of our daily financial reality for a long time, with double-digit inflation and record high food prices.
"But despite those pressures, May sees an encouraging three-point uptick in consumer confidence.
"Of course, the headline score of minus 27 means we're still deep in negative territory and a long way from any 'sunny uplands'. However, the overall trajectory this year is positive and might reflect a stronger underlying financial picture across the UK than many would think.
Confidence in personal finances over the coming 12 months saw a "robust" five-point jump to minus 8 – 17 points higher than this time last year.
Expectations for the general economic situation over the next year increased by four points, remaining at a firmly negative minus 30 but 26 points higher than last May.
The major purchase index, an indicator of confidence in buying big ticket items, also rose four points to minus 24, 11 points higher than a year ago.