Türkiye's consumer confidence index rose by 5.3% month-over-month to 76.2 points in October, official data showed on Friday.

The index thus continued a rebound from a record low of 63.4 in June despite a continuing surge in inflation. It was up from 72.4 points in September, the Turkish Statistical Institute (TurkStat) said.

The biggest improvement in confidence was seen in the financial situation of households at present, which rose 8.4% from a month earlier, though it remained at the low level of 57.5 points.

The index for the assessment of spending money on durable goods over the next 12 months rose 2.3% to 93.1.

The general economic situation expectation index increased 5.3% to 77.9, while the financial situation expectation of households over the next 12 months was up 6.7% to 76.2.

The index is a vital gauge of the economy’s overall situation, indicating consumer sentiments on financial standings and the general state of the economy, along with expenditure and saving tendencies.

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.

Confidence plunged in 2020 due to the fallout from the COVID-19 pandemic before a brief rebound. It took another dive in October of last year ahead of a steep decline in the Turkish lira in December.