Our assessment of the news flow in June was negative for the consumer. Good news came in the form of positive vehicle sales in May along with pleasing growth in food and beverage sales. Disappointingly, GDP contracted in 1Q18. Other negatives outcomes were in PMI and Business Confidence which marked its third month of consecutive decline. While CPI is stable, PPI inflation rose for the second month in a row. Additional pain will be felt at the pumps with petrol and diesel set to increase in July.