ONLY CHARTS #523

Aus consumer spending, Aus hhold inflation expectations, Aus residential rents, NZ jobs, US CPI, Norway CPI

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1. CBA’s Household Spending Indicator (HSI) for Australia - based on CBA customer data - fell 0.5% m/m in nominal terms in February. Note, however, that the essentials (+0.1% m/m) and discretionary (flat) split published by CBA recorded a different combined result.

3m/3m growth in the CBA HSI slowed to ~1%.

2. Half of the 12 categories comprising the HSI declined in February. Spending on utilities fell a sharp 6.4% m/m following strong growth in the prior 2 months. CBA noted the February declined related to lower council rates payments rather than electricity.