Nationwide Building Society’s consumer confidence index has seen confidence improve from its all-time lows, although the building society says there are few signs of festive cheer as consumers prepare for Christmas.

The main confidence index moved up by four points during the month, but it remains almost 40 points below its long run average, which Nationwide says suggests that consumers remain under pressure and concerned about future prospects, both for the wider economy and their own financial position.

Robert Gardner, Nationwide’s chief economist, said: “There have been few positive developments in the wider economy to lift consumers’ spirits in recent months. Signs that inflation has passed its peak may have provided some comfort