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According to financial expert Jane Baker, many ordinary people are feeling the pinch due to higher living costs and rising mortgage repayments, adding that the Bank of England was not helping matters.
"The Bank of England looks like it's stuck between a rock and a hard place with interest rates, finding it difficult to stem inflation without hiking up borrowing costs," she commented, adding: "But sitting on the fence isn't helping to put consumers' minds at rest."
Data from the Nationwide Consumer Confidence Index showed that consumer confidence fell by 11 points last month.
Meanwhile, overall consumer confidence is 18 per cent lower than at the same in July and 46 per cent lower than last year.
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