Consumer confidence increased slightly by just 0.4 per cent last week making it the third consecutive week of small gains. A fall in confidence in Melbourne, regional NSW and Queensland was balanced by increases in SA and WA
‘Weekly inflation expectations’ rose 0.1ppt, reaching a fresh pandemic-high of 4.8 per cent. The four-week moving average also rose 0.1ppt to 4.7 per cent, its highest level since November 2014.
Three of the five confidence subindices declined. ‘Current financial conditions’ gained 4.0 per cent, while ‘future financial conditions’ dropped 1.9 per cent.
‘Current economic conditions’ softened 1.3 per cent and ‘future economic conditions’ declined 3.7 per cent.
‘Time to buy a major household item’ rose 5.6 per cent.