Consumer confidence declined 6.0 per cent last week, as headline inflation surged to 5.1 per cent y/y in Q1 2022. Among the major states, confidence dropped in NSW, Queensland and SA, while it increased in Victoria and WA.
• ‘Weekly inflation expectations’ rose 0.2ppt to 5.3 per cent, while its four-week moving average dropped 0.1ppt to 5.4 per cent.
• Four of the five confidence subindices registered losses. ‘Current financial conditions’ decreased by 5.2 per cent and ‘future financial conditions’ fell 5.3 per cent.
• ‘Current economic conditions’ dropped 10.4 per cent, offsetting all its gains from the past four weeks. ‘Future economic conditions’ bucked the trend by increasing 0.7 per cent.
• ‘Time to buy a major household item’ declined 10.3 per cent, after an 8.7 per cent rise over the previous four weeks.