The July index found that people’s perception of their personal financial situation over the last 12 months remained flat at -23, with a negative score representing a pessimistic outlook in the index.

However, confidence in people’s personal financial situation over the next 12 months rose by two points, albeit still in negative territory at -26.

The data is based on a sample of 2,000 adults interviewed between 1st July and 12th July 2022.

The index found that confidence in the economic situation over the last 12 months fell one point to -66, and confidence in the economic situation over the year ahead stayed at -57.

The major purchase index, which examines whether now it a good time for a major purchase, was up one point to -34.

The savings index, which measures whether now is a good time to save money, rose four points to an overall score of 13.

Joe Staton, client strategy director at GfK, said: “Consumer confidence remains severely depressed this month as the impact of soaring food and fuel prices and rising interest rates continues to darken the financial mood of the nation.

“Against this financial backdrop, the UK electorate is looking for a new leadership with a commitment to unleashing growth, tackling inflation and cutting taxation.

“The successful candidate will need to deliver a much-needed shot in the economic arm of the country if they are to help improve consumer confidence.”