Consumers haven't been this downbeat since the beginning of 2016.
For a central bank putting financial stability as its major priority right now, the latest inflation numbers are a welcome sign for the Reserve Bank of Australia.
But for everyone else the first quarter report wasn't such good reading.
Inflation is still low but rising slowly, yet wages aren't keeping up with that increase, which means we're all going backwards at a time when household debt is at a record high.
The latest wages data shows an annual growth rate of 1.6 per cent while Wednesday's inflation report revealed an annual headline rate of 2.1 per cent and 1.9 per cent for underlying inflation.
Paul Dales no longer thinks the RBA will cut rates to just 1 per cent. Louie Douvis
At the same time consumers are forking out more for petrol and electricity.
That means we're all feeling the pinch and it's...
Read more: The inflation figure is good for the RBA but not the rest of us - The Australian Financial Review