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UK consumer confidence edges up in August: GfK

UK consumer confidence edges up in August: GfK
August 31, 2017

LONDON, Aug 31 (Reuters) - Britain’s consumer confidence improved slightly this month on July’s one-year low, although the mood around economic prospects over the next year remained somber, a survey showed on Thursday.

The monthly consumer sentiment index from market research firm GfK rose to -10 from -12 in July, confounding expectations for a fall to -13 in a Reuters poll of economists.

It was unclear whether August’s rise was significant or merely a “dead-cat bounce” in an otherwise declining trend, said GfK, which compiles the survey on behalf of the European Commission.

Britain’s economy has had its slowest start to the year since 2012 as consumers have come under pressure from a big rise in inflation since sterling fell after last year’s Brexit vote.

The European Commission’s version of the GfK figures - which differ because they are adjusted to take seasonal variations into account - showed consumer morale in Britain declined during August.

GfK carried out its survey between Aug. 1 and 15.