Card spending down as OCR and inflation bite

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Tue, 12 Mar 2024

New Zealand credit and debit card spending slowed in the final month of summer as high rates and inflation put pressure on household finances.The total value of electronic card spending, including the non-retail services and other non-retail categories, was down 1.9% to $176 million in February from January, according to Stats NZ in their monthly report, released on Tuesday.“The softness in spending highlights the squeeze on households’ spending power from higher inflation and interest rates," said senior Westpac eco...

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