NZ Consumer Confidence Surges to Highest Level Since January

New Zealand consumer confidence has rebounded to its highest level since January, according to the latest ANZ-Roy Morgan index. The index jumped 8 points to 99.3 in July, marking a third consecutive monthly gain and bringing it 19 points off its April low of 80.3.

The forward-looking piece of the index saw significant gains, with future conditions surging to 106.5 from 96.7 - the first read above neutral since February.

However, current conditions only rose by 5.3 points to 88.5, which is still below the 100 line.

The details of the report show that households are becoming more optimistic about their financial situation, with a net 21% expecting to be better off next year - up 11 points from June.

But despite this optimism, two-year inflation expectations remain unchanged at 4.6%, which is still above anything the Reserve Bank of New Zealand (RBNZ) can call anchored.