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Consumer confidence slips in October

Consumer confidence declined in October, with one analyst saying the optimism seem earlier in the year has "completely run out of steam".

The UK Consumer Confidence Index from market research company GfK dropped by one point to minus two this month.

Three of the five measures used to calculate the score - confidence about the general economic situation over the last 12 months, the outlook for the next 12 months and the major purchases index - all decreased in October.

However, confidence about personal finances over the last 12 months edged up by one point, while sub-index for the next 12 months increased by three points.

Nick Moon, managing director of social research at GfK, said: "This is now the seventh month in a row that the index has stood within two points either way of minus one, and the almost constant improvement that saw the index rise 28 points between April 2013 and June 2014 seems to have run completely out of steam.

"This is not, of course, to say that it will not start to rise again soon, but the opportunities for it to do so before we get seriously into the general election campaign are fast running out. It is likely that people will have to start feeling personally better off if the index is to get solidly into positive territory."

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