UK consumer confidence falls

Consumer confidence levels in the UK have fallen to a new low, it has emerged.

According to reports, data released by GfK NOP shows confidence levels falling close to the all-time low reported in March 1990.

With confidence levels recorded at -34, it is only one point away from March 1990's -35.

The research was conducted by GfK NOP on behalf of the European Commission.

"With rising inflation, gloomy forecasts for interest rates and soaring fuel, utility and food prices dominating the front page headlines, it's no surprise that confidence in the general economy is almost in freefall," said Rachael Joy, a representative from GfK NOP.

This month's reading was 31 points lower than the confidence levels for the same point during the previous year.

In related news, despite a target rate of two per cent, official data shows inflation to be at a rate of 3.3 per cent.