NZ Consumer Confidence Slips as Oil Prices Surge

New Zealand's consumer confidence took a slight hit in September as oil prices surged mid-month. The ANZ-Roy Morgan survey found that the headline index slipped to 97.6 from 98.0 in August, just below the 100 mark that separates optimism from pessimism.

The current conditions index rose to around 87 from about 83, while the future conditions index fell to around 104.5 from roughly 108. Two-year-ahead inflation expectations eased to 4.5% from 4.7%, the lowest reading since March 2025. House price expectations also declined to 2.4%, the lowest since July 2024.

ANZ noted that the monthly averages may mask a shift within September, with weekly data showing confidence starting the month stronger than it finished, and inflation expectations ending the month higher. The bank cautioned that weekly cuts of the sample give only a rough estimate.