“Consumer sentiment remained gloomy in May as consumers revised their views about the current economic situation. Darker economic news throughout the month as fuel prices reached new highs, food prices remained elevated and uncertainty about an early cut in interest rates heightened, are likely to be major factors behind this. Confidence in spending also took a big knock, but continued faith in the jobs market suggests that this is being driven by the squeeze on people’s incomes from higher prices and weakness in the housing market, rather than fears over job security.”