(Bloomberg) -- U.K. consumer confidence plummeted for a fourth month to its lowest since November 2020 as concerns about the surging cost of living and war in Ukraine weighed on sentiment.

GfK’s monthly consumer confidence index, which is closely followed by the Bank of England and the Treasury, dropped 5 points in March to minus 31. That matched a level last hit when coronavirus cases were rising.

“There is an unmistakable sense of crisis in our numbers,” said Joe Staton, client strategy director at GfK. “Confidence in our personal financial situation and in the wider economy are severely depressed. News of unimaginable suffering from a horrifying war in Europe and rising Covid numbers at home is adding to the bleak mood.”

Inflation is rising at its fastest pace in three decades, driving up the cost of food and fuel and swallowing more gentle increases in pay. The government is tightening that squeeze by imposing a swinging tax increase in April at the same time higher utility bills take effect.

The figures may fan criticism of Chancellor of the Exchequer Rishi Sunak, who is being criticized by research and lobby groups across the political spectrum for not doing enough to help those struggling with the cost of living.

“Consumers are being forced to take steps to balance their budget, with eating out, clothing, takeaways, and the weekly shop the main targets for spending reduction,” said Linda Ellett, head of consumer markets, retail and leisure at the consulting firm KPMG UK.

Expectations for the general economic situation in the next year dropped by six points to minus 49. That’s 32 points lower than a year ago when much of the economy was hobbled by coronavirus restrictions.

GfK surveyed 2,000 people from March 1 to March 14.

Read more:

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