New Zealand consumer confidence falls to 17-month low due to oil price shock.

Due to the conflict in the Middle East pushing up oil prices, hitting household incomes and reigniting concerns about economic slowdown, data from ANZ Bank shows that consumer confidence in New Zealand has dropped to its lowest level in 17 months. In March, the confidence index fell from 100.1 the previous month to 91.3, hitting a new low since October 2024; 14% of consumers believe it is not a good time to buy large appliances and other major items. Economists have raised their inflation expectations, with three out of the country's four major banks predicting that the inflation rate in the second quarter will reach 4% or higher. The Reserve Bank of New Zealand will remain highly vigilant about the spiral of price and wage increases caused by the rise in oil prices.