Consumer confidence in the UK has risen for the second consecutive month, mainly due to improved economic prospects and increased household budgets after inflation hit a near three-year low. The Gfk Consumer Confidence Index rose to -17 in May, the highest level since December 2021. Joe Staton, GfK's Client Strategy Director, said, "With the recent decline in overall inflation and the prospect of timely interest rate cuts, this trend is undoubtedly positive after a long period of stagnation. Consumers clearly feel that the economic situation is improving, which suggests that confidence will further increase in the coming months." GfK's indicators for personal financial prospects, savings, and overall economic prospects have all increased, but the index tracking consumer willingness to spend on big-ticket items has fallen to -26. Staton said, "This further indicates that the cost of living crisis is still a daily reality for everyone."