Inflation is dominating headlines globally. So the 0.3 per cent jump in ‘weekly inflation expectations’ to 5.0 per cent is notable. This is its highest value since December 2014. Its four-week moving average was steady at 4.8 per cent.
Consumer confidence fell 0.2 per cent. With Melbourne out of lockdown, confidence improved modestly in Victoria, but the outlook across the other states was mixed. Confidence dropped in NSW and WA, while it was up in Queensland and SA.
The subindices registered mixed results. ‘Current financial conditions’ softened 0.2 per cent and ‘future financial conditions’ fell 3.4 per cent.
‘Current economic conditions’ dropped slightly by 0.3 per cent, while ‘future economic conditions’ gained 1.3 per cent.
‘Time to buy a major household item’ improved 2.4 per cent.