GfK Consumer Confidence data for the UK in January 2024 plunged to -22, its worst in a year
- expected -18, prior -17
- the sharpest December-to-January decline since 2011
The GfK survey is not adjusted for seasonal factors
- it typically declines in January, but this drop was more pronounced than usual
- all five components of the index fell
***
ps. The Bank of England is widely expected to cut interest rates at its next meeting on February 6.
