As part of the weekly ANZ-Roy Morgan Australia Consumer Confidence survey are data on inflation expectations.
Has surged to 6.8%. Says ANZ:
- up 0.2% w/w
- its highest level since these data were first collected in April 2010.
- Falling confidence and rising inflation expectations creates a difficult mix for the RBA.
Consumer confidence for the week fell even more, down 1.5% w/w to a horrible 78.7. Its lowest since April 2020.
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Separately, ANZ have issued data on observed Australian spending:
- spending picked up in early November
- An upward trend for non-food retailers was stronger than 2019 and encouraging ahead of the holiday trading period.
- Stable furniture & travel agent spending suggests households aren’t delaying large purchases.
- The late October weakness in spending was likely a blip
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Consumer confidence collapsing. Inflation expectations surging., Spending rising.
Go figure.
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