UK Consumer Confidence Plunges In July - Nationwide

(RTTNews) - Consumer confidence in the United Kingdom declined sharply in July, according to a report issued Wednesday by the Nationwide Building Society

Nationwide's consumer confidence index fell 7.0 points from June to a reading of 56.0, the third straight month of declines.

The drop sent the index to its lowest level since April 2009.

An accompanying index of economic expectations also fell sharply, dropping 13.0 points to 76.0.
Nationwide's index of consumers' current economic situation was unchanged, while their willingness to make major purchases fell 3.0 points to 93.0.
In a statement with the report, Nationwide chief economist Martin Galbauer said increasing inflation "may now be leading to more negative sentiment among consumers as they start to feel the pinch in their spending power."