Retail sales recorded a third consecutive monthly fall in August to be down $1.9 billion on pre-delta lockdown levels, but while state orders to stay at home limit consumption, fears are growing global inflationary pressures could mean households pay more when they can get out and spend.

The latest ANZ consumer confidence survey shows inflation expectations have lifted to the highest levels since 2014, which could stymie the bounceback expected in retail sales once pandemic restrictions ease.