Inflation expectations in Australia fell slightly over the past week but remains elevated, according to the latest ANZ-Roy Morgan Australian consumer confidence survey.
The weekly inflation expectations metric, which is measured on a two-year forward basis, dropped 0.1 per cent to 4.9 per cent. Its four-week moving average was steady at 4.8 per cent.
“Weekly inflation expectations is still close to its recent high, dropping just 0.1 per cent to 4.9 per cent,” said ANZ head of Australian economics, David Plank.
“The sharp quarterly rise in fuel costs of 7.1 per cent in Australia’s Q3 CPI likely had a significant impact on householders’ inflationary outlook during these past few months.”
Consumer confidence rebounded 1.5 per cent in the period and reached its highest level since early July 2021.
Confidence jumped in Sydney and Melbourne but dropped in Brisbane, Adelaide and Perth.