Official figures have shown a much larger than expected pick up in retail sales last month as a closely-watched measure of consumer confidence reaches its highest level in a year.
Its shift chimed with the view of the Office for Budget Responsibility's latest assessment - released onThe more optimistic outlook followed dire predictions earlier this year, from the International Monetary Fund and other prominent organisations, that the UK would be the weakest performer within the developed world in 2023 because of the hit to consumer spending power from inflation.
Economists had widely expected an easing in the rate but the report charted upwards pressure from the salad shortage and an end to January pub drink discounts. Joe Staton, client strategy director at GfK, said of its findings:"A small improvement in the overall index score this month masks continuing concerns among consumers about their personal financial situation.
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