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Consumer confidence falls for seventh consecutive month
07/05/2008 11:29:00
Consumer confidence in the economy fell for the seventh consecutive month in April, according to the latest figures.
Findings from the Nationwide's consumer confidence index dropped by seven points and reached its lowest level since May 2004 when the index first started.
This is 20 per cent below the figure recorded for April during 2007.
Fionnuala Earley, Nationwide's chief economist, said that the cut in interest rates in April did very little to lift consumer spirits.
"Food and fuel prices remain high and, with house prices no longer rising, it is unlikely that consumer confidence will pick up very quickly," she continued.
According to the figures, the biggest concern for respondents is the economy with only 17 per cent believing that the current economic situation is good.
Over a third believe the economy is in a very bad condition, a similar proportion to those who thought the economy was in a good state before the credit crunch and Northern Rock crisis set in.
A previous poll from GfK NOP revealed that consumer confidence had fallen to its lowest level since 1992 during April.
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