Consumer Card Spending in May Increases by 0.8%, with Fuel Spending Surging 11.9% Year-on-Year
💸 Consumer card spending increased by 0.8% year-on-year in May, recovering from April’s -0.1% decline but remaining below the 3.4% CPIH inflation rate. Essential spending rose 0.7%, driven by an 11.9% surge in fuel spending. Non-essential spending also grew by 0.9%, bouncing back from a -0.3% drop in April. In May, consumer confidence in the UK, European, and global economies rebounded to levels seen earlier in the year.
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