UK consumer confidence drops 11 points to -24 amid cost-of-living squeeze

Briefing by News4U · First published 2026-10-23 05:35:40 UTC

GfK index fell at fastest rate since Covid as Middle East conflict adds to inflation and energy costs ahead of John Healey’s budget.

UK consumer confidence plunged 11 points in October to -24, the largest monthly drop since the Covid pandemic, according to GfK data reported by the Financial Times and The Guardian. [1] [2]

The fall coincides with rising inflation at 3.5%, surging petrol and energy prices linked to the Middle East conflict, and a government deficit of £24.5bn, just days before Chancellor John Healey’s budget. [2]

Sources

1. ‘Relentless’ cost of living pressures behind collapse in UK consumer confidence

   Financial Times · 2026-10-22 23:01:05 UTC · Summary only

2. UK consumer confidence falls at fastest rate since Covid as cost of living bites

   The Guardian · 2026-10-23 04:00:05 UTC · Full text

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