By Daniel Hunter

With slowing inflation easing the pressure on consumers the GfK NOP Consumer Confidence Index remained at the highest level since June.

According to the London-based research company the reading of -29, the same as last month, ensured the Index remained at its highest level since June of last year.

“While consumer confidence is still lower than it was a year ago, the Index staying where it was last month should be seen as a positive sign," Nick Moon, Managing Director of GfK Social Research, commented.

"February’s figures suggest this current increase is built on sturdier foundations than the short-term spike we saw last year, where the gain was wiped out over the following few months.

"The grounds for cautious optimism are found in the detail of the Index. While the climate for major purchases fell following the January sales, this has been offset by an improvement in consumer sentiment about the state of the economy and how people feel about their finances over the coming year.

"Next month’s results will determining whether we are seeing the beginnings of a sustained improvement in consumer confidence or whether this is merely a steadying of the ship.”

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