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Confidence among British households has fallen to its lowest point since last year’s EU referendum, according to retail market researcher GfK.

The rising cost of living and inconclusive general election result were cited as key factors in GfK’s latest consumer-confidence index, based on a poll carried out in the 1-15 June period. This index dropped to minus 10, against minus 5 in May, reflecting the degree of reluctance to spend on larger non-essential items.

Commenting on the results, GfK head of market dynamics Joe Staton said: “The survey reveals a sharp drop in confidence among consumers across all measures. The twin pressures of higher prices and sluggish wage growth are squeezing household finances and adding to widespread fears of an economic slowdown.”

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