(Alliance News) - UK consumer confidence weakened in March, GfK reported Friday, with consumers concerned about the inflationary impact of the conflict in the Middle East.
The overall score for the GfK consumer confidence index fell to minus 21 in March from minus 19 in February.
"A ripple of fear is spreading as is evident," said Neil Bellamy, consumer insights director at GfK. "People simply do not feel the economy is robust enough to ride out the knock-on effects from the Middle East conflict."
The measure for personal financial situation over the last 12 months was unchanged at minus seven, while the measure for personal financial situation over next 12 months fell to plus one from plus two.
The score for the general economic situation over the past 12 months improved to minus 43 from minus 44, while the reading for the next 12 months was lower at minus 37 from minus 31.
Furthermore, the major purchase index dropped to minus 18 from minus 14.
"There are two major concerns for the future. First, the UK will need to adopt a careful and balanced response to the wider volatility we have seen since the end of February. Second, with growing concerns over further sharp price rises in the coming months, unless there’s a swift resolution to the conflict, or government schemes such as additional support with energy bills come into fruition, this ripple of fear we are seeing in the March data has the danger of turning into a flood," GfK's Bellamy said.
The index readings form part of the GfK consumer confidence barometer, published each month by GfK and the Nuremberg Institute for Market Decisions using survey responses from a sample of 2,001 individuals in the UK aged 16 and above.
By Elijah Dale, Alliance News senior reporter Asia-Pacific
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