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Slowdown in consumption growth is here to stay

Although consumption growth was respectable in the second half of last year, the further deceleration in income growth, along with the reported weakness of retail spending, suggests that it has slowed. The modest upward trend in consumer sentiment won't offer much support. We suspect that first-quarter consumption growth slowed to less than 2.0% annualised, compared to 2.7% in the fourth quarter.

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