NZ consumer confidence hits 17-year low

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WELLINGTON, June 25 (AFP): Consumer confidence in New Zealand has plunged to a 17-year low amid soaring food and fuel prices and a sharp slowdown in the housing market, an economic survey showed today.

The Westpac McDermott Miller consumer confidence index fell to 81.71 in June, down from 96.5 in March and 110 in December, with a level below 100 indicating pessimists outnumber optimists.

The level in June was the lowest since 1991, when New Zealand was in recession. Economic growth data due to be released Friday is expected to show the economy shrank in the March quarter, compared with the previous three months.

Westpac senior economist Donna Purdue described the latest drop in the index as "jaw-dropping".