The slightly softer-than-expected 0.10% m/m rise in real consumption in February, together with the downward revision to January’s estimate to show real spending unchanged, puts first-quarter consumption growth on track to slow sharply to below 1% annualised. Growth is likely to remain subdued this quarter as elevated fuel prices weigh on household’s purchasing power, though an accommodative fiscal backdrop should prevent an outright collapse.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.
