Consumer confidence has dropped for the first time this year, according to the GfK UK Consumer Confidence Index.

The index recorded a one point fall to -11 in October. 

Nick Moon, managing director of social research at GfK, said: “This is the first time the Consumer Confidence Index has dropped this year. After five straight months of increases – the index was at negative 27 in April 2013 but had climbed to a sturdy negative 10 for September – this may simply be a pause for breath.

“However, while we are still higher than at any time since December 2007, it will be interesting to see if sentiment has run away with itself and there is a further drop next month.”

The annual moving average fell one point to -21.

Consumer confidence regarding personal finances dropped one point to -17, which is up seven points year on year. The forecast for personal finances over the next 12 months fell three points this month to -2, 11 points higher than last year.

The measure for the general economic situation of the country during the last 12 months remained at -25 this month, which is up 28 points on last October.

The index also found that the climate for major purchases was up three points this month to -11, 22 points higher than last year.

The ‘now is a good time to save’ index rose to -8, which is eight points higher than a year ago.