The headline score is the highest since January 2022 and all five measures were up in comparison to December’s figures.

This was the third consecutive month of increases, with both November and December seeing six-point and two-point rises, respectively.

The measure for views on personal financial situations over the next 12 months has gained two points and now stands at zero, marking the end of 24 consecutive months of negative scores on every measure.

UK consumer confidence hits three-month high but remains negative

Joe Staton, client strategy director at GfK said this change is the “best single indicator” for the sentiment in UK households around their income and expenditure.

“Despite the cost-of-living crisis still impacting many households across the UK, consumers appear to be encouraged by the positive news about falling inflation,” he noted.

“On balance, while there is national and global turmoil, the Consumer Confidence index has started 2024 on a positive note – let us see if this optimism continues.”