LONDON, (Reuters) – British people are feeling the most depressed since February when they were locked down, and feel more anxious about next year as COVID and prices rise. A long-running survey was published Friday.

GfK Consumer Confidence Index dropped for the third consecutive month to -17 October. This is its lowest reading since February when it was -13. An economist poll by Reuters had indicated a reading at -16.

Consumers are feeling more depressed because of fuel and food shortages as well as an increase in inflation and the possibility of higher interest rates, Joe Staton, GfK client strategy director said.

He said, “Against the backdrop of sad domestic news…it is not surprising consumers feel down-in their mouths about the cold winter months ahead.”

He added that Christmas was also a time when shoppers are less inclined to spend large amounts of money.

Bank of England’s decision to adjust interest rates after the pandemic began is complicated by the lack of confidence of British consumers.

While inflation is expected to exceed 4% by the BoE, which is more than twice the BoE target, the BoE has been slowing down the rate of recovery from the pandemic shock. The number of COVID-19-related cases in Europe is also at its highest.

November 4th will be the date when the central bank announces its next policy move.