New Zealand consumers found their nerve in July but rising oil prices are probably going to weigh in the next report. The ANZ-Roy Morgan index jumped 8 points to 99.3, a third straight monthly gain that leaves it 19 points off the April trough of 80.3. It's still 8 points shy of the January peak, and still below the 100 line, but the direction of travel has flipped. Inflation expectations did the mirror image, ending the month above the monthly average. The consumer who answered the survey on 6 July is not the consumer who answered on 27 July.