Rising fuel prices are weighing on the economy, with the latest ANZ Truckometer pointing to weak demand.
41 minutes ago
File photo.
Rising fuel prices are weighing on the economy, with the latest ANZ Truckometer pointing to weak demand.
Light traffic - a gauge of future consumer demand - fell 0.2 percent in May and is up just 0.4 percent on a year ago.
ANZ chief economist Sharon Zollner said the index suggested consumers were still driving less and spending more on fuel.
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One in 10 businesses raised prices in May because of higher fuel prices, while half absorbed the costs, new ABS data shows.
Consumers still feel “buffeted” by rising costs brought on by the Iran war, including “soaring prices at the pump.”
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Higher fuel prices lifting spending even as underlying demand remained subdued.
