Consumer confidence nudged higher in February despite lingering fears around the state of the UK economy, figures showed on Friday.
According to GfK, its consumer confidence barometer picked up two points between January and February to sit at -20.
All core measures improved, it said, signalling better sentiment towards the likes of personal finances and the general economic situation.
For personal finances over the coming year, the index crept into positive territory to sit at two points, against January’s -2.
“The Bank of England interest rate cut on February 6th will have brightened the mood for some people,” consumer insight director Neil Bellamy said.
“But the majority are still struggling with a cost-of-living crisis that is far from over.”
Inflation, which hit 3% in January, was still above the Bank of England’s 2% target, he flagged, while gas and electricity prices continued to pressure many.
“It’s no surprise that consumer views on the general economic situation are still lower than 12 months ago,” he added, with February’s index reading at -44, against -43 a year ago.
“People don’t expect the economy to show any dramatic signs of improvement soon.”