Personal Consumption Expenditure Index: September 19-25, 2022

The results of our Index show the continued demand for goods and services at the level of last year.

The decline in food spending has magnified and may indicate that consumer purchasing power is declining in real terms because of high food prices.

Spending on non-food products has fallen below the level of last year for the first time since the beginning of the year, it is mainly due to the continued decline in demand for construction materials, furniture, household appliances and medicines. And compared to previous weeks, spending on office supplies, toys and sporting goods shows an increasing pace.

The spending on services remains at the level of last year. The slowdown in demand growth compared to the previous weeks is observed in the following categories: beauty and health, construction, railway transportation, cafes and restaurants.

The ongoing cooling of consumer demand for goods and services relative to the summer period is partly caused by the end of the seasonal factor and a certain pause before the shift of demand to other segments.

At the same time, The Consumer Activity Index we developed was at the level of 117% for this week.

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