SYDNEY (Reuters) – Consumer confidence in New Zealand was flat in May compared with the prior month and remained very subdued as consumers remained under pressure amid high inflationary pressures, ANZ-Roy Morgan data showed on Friday.
The consumer confidence index slightly fell to 79.2 in May from April’s 79.3. A reading above 100 shows optimism, while below that indicates pessimism.
“While the labour market remains tight, conferring both a high degree of job security and strong wage growth, ongoing cost of living increases, including higher mortgage rates for the 38% of households who have a mortgage, continue to bite,” ANZ Chief Economist Sharon Zollner said in a statement.
“Uncertainty is no doubt also taking a toll, with the (Reserve Bank of New Zealand) still attempting to cool the economy in order to bring inflation sustainably lower.”
(Reporting by Renju Jose in Sydney; editing by Diane Craft)