By James Glynn
SYDNEY--Australian consumer confidence was slightly higher last week, but sentiment remains depressed, stuck well below long-term averages now for more than two years.
Consumer confidence rose by 0.3 points, to 80.5 points. The four-week moving average was stable at 80.7 points, according to a survey by the ANZ Bank and pollster Roy Morgan.
Weekly inflation expectations rose 0.1 points, to 5.0% on-year, following data showing inflation was higher than expected in April, coming in at 3.6% on-year, compared with an expected rate of 3.4% on-year.
While this is the highest reading for inflation expectations in a month, the series has been trending downward and is well below the November 2022 peak of 6.8% on-year, said ANZ economist Madeline Dunk.
The weekly ANZ-Roy Morgan Australian consumer confidence rating is based on 1,501 interviews conducted online and over the telephone during the week to Sunday.
Write to James Glynn at james.glynn@wsj.com
(END) Dow Jones Newswires
06-03-24 2000ET