Latest figures show that consumer confidence has stabilised but not bounced back.

The GfK NOP Consumer Confidence Index increased by one point in February to minus 28.

Despite the increase, however, the index is still 14 points lower than this time last year.

The month saw small increases across three of the five measures: personal financial situation over the last 12 months (up two points to minus 16, still three points lower than a year ago) and over the next 12 months (up two points to minus 10, 16 points down on February 2010) and the major purchase index (up nine points to minus 25, nine points lower than last year).

The other two measures – the public perception of the general economic situation over the last 12 months and over the next 12 months – both fell by a point apiece to minus 55 (five points down on last year) and minus 31 (35 points lower than February 2010) respectively.

“Overall confidence remains low and, although it has not reached the depths of two years ago, the fact that it is 10 points down on six months ago, and 14 points down on a year ago, represents a significant set-back to hopes of recovery,” said Nick Moon, managing director of GfK NOP Social Research.

“With the Government’s strategy based heavily on economic growth providing private sector jobs to replace the ones being cut, they will have to hope that consumer confidence is a less good predictor of the economy than previously,” Mr Moon said.