Consumer confidence fell 1.4 per cent amidst fears of another COVID outbreak. Despite the fall, confidence remained above the 2021 weekly average and close to the long-run average.
Three out of the five subindices registered a loss. Against the overall trend, ‘current financial conditions’ gained 0.5 per cent, while ‘future financial conditions’ fell 2 per cent.
‘Current economic conditions’ weakened 2.1 per cent and ‘future economic conditions’ declined 4.1 per cent.
‘Time to buy a major household item’ rose 0.9 per cent. ‘Weekly inflation expectations’ remained steady at 3.7 per cent, keeping the four-week moving average unchanged at 3.8 per cent.