Australian consumers spooked by rate risk, inflation -survey

SYDNEY: Australian consumer sentiment took a nose dive last week as a shockingly high reading in inflation fuelled concerns about the cost of living and possible rise in interest rates, a survey showed on Tuesday.

The ANZ measure of consumer confidence sank 6.0% last week, the sharpest drop since an Omicron wave swept through the eastern seaboard in January. The slide followed data showing consumer price inflation spiked to a 20-year peak of 5.1% in the first quarter.