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The Telegraph
The Telegraph
21 Apr 2023


Consumer confidence
Consumer confidence has jumped despite rising inflation Credit: PA

Consumer confidence hit its highest point since the outbreak of war in Ukraine despite figures showing falling retail sales and continued rampant inflation.

A survey measuring consumer outlook from analysts GfK hit its highest point in 13 months. The survey recorded an eight point jump in consumer confidence in April compared to last month, reaching levels not seen since Russia's invasion.

The measure of confidence came in at -30, compared to -38 in April last year and -31 in March 2022. 

Joe Staton, client strategy director at GfK, said: "There’s a sudden flowering of optimism with big improvements across the board."

However, separate data from the Office for National Statistics showed a slowdown in retail sales as rising prices hit shoppers. Sales volumes fell 0.9pc in April, following a 1.1pc rise in February. 

"Food store sales volumes fell by 0.7pc in March 2023, following a rise of 0.6pc in February 2023," the statistics body said, "which may have been affected by shortages of some food items."