To ask His Majesty's Government what assessment they have made of recent data from the British Retail Consortium which found that food inflation in February was at its lowest rate in almost two years; and what assessment they have made of the impact this will have on consumer confidence.
Answered on
5 March 2024
Consumer confidence has strengthened considerably over the past year. The February 2024 release indicated that consumer confidence was 17 points stronger than in February 2023.
Consumer confidence is intrinsically linked to inflation, household finances and the broader economic outlook. To sustain consumer confidence, consumers need to feel assured that their government is taking the long-term decisions necessary to strengthen the economy and build a brighter future.
The plan is working, headline inflation has fallen from 11.1% to 4.0%. The Government notes the recent data from the British Retail Consortium.