"Much of the survey-based data has painted a more upbeat picture of the UK economy than official data in recent months - March's Consumer Confidence index continues that trend"
- Robert Gardner, Nationwide Chief Economist
U.K. consumer confidence rose to highest level in nine months in March as consumers became more optimistic on the outlook of the country's economy, said the Nationwide Building Society on Thursday. An index of sentiment rose to 53 from 44 in February.
"Much of the survey-based data has painted a more upbeat picture of the UK economy than official data in recent months - March's Consumer Confidence index continues that trend," said Nationwide Chief Economist Robert Gardner said.
"It may be that the general decline in inflation from the recent highs of 5.2pc last September to 3.5pc in March has helped to support spending power and therefore lift consumers' spirits over the past six months."
"But with the economy expected to gather pace only slowly, the improvement in confidence may prove short-lived."
© Dukascopy Bank