New Zealand consumer confidence falls in May
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People walk outside a supermarket on Lambton Quay street in Wellington, New Zealand July 23, 2020. Picture taken July 23, 2020. REUTERS/Praveen Menon/File Photo
(Reuters) -Consumer confidence in New Zealand fell in May, with stubbornly high inflation expectations holding back purchasers, ANZ-Roy Morgan data showed on Friday.
"Household inflation expectations don’t have a tight correlation with actual inflation outcomes," said ANZ chief economist Sharon Zollner.
"But the perception that inflation is going to be so high is likely to contribute to the sense of a cost-of-living crisis, potentially dampening spending, if anything."
The consumer confidence index fell to 92.9 in May from 98.3 in April. A reading above 100 shows optimism, while below that indicates pessimism.
Consumer inflation expectations eased by 0.1%, but remained elevated at 4.6%.
(Reporting by Alasdair Pal in Sydney; Editing by Leslie Adler)
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