Reserve Bank's Orr won't be happy with this data

February spending rose across most of the retail spending categories. (Image: Getty)
Rebecca Howard
Andy Fyers
February’s electronic card transaction data shows that spending – in actual terms – is running slightly hotter than inflation. In February 2022, total retail spending was $5.5 billion while in February 2023 it was $6.1b, up 11.7% or $636 million. Annual inflation was 7.2% in the December quarter, but food prices were 10.2% higher in January than they were in January 2022.   The data is unlikely to please the central bank, which is attempting to engineer an economic slowdown in a bid to curb high inflation.W...

More Economy

Manufacturing activity has contracted for 22 consecutive months
Economy

Manufacturing activity has contracted for 22 consecutive months

New Zealand’s manufacturing sector contracted in December, marking the first time in the survey’s history that all 12 months were in contraction. The seasonally adjusted Performance of Manufacturing Index (PMI) for December was 45.9, up from 45.2 in November but still well below...

Rebecca Howard 17 Jan 2025
Bank economists expect OCR rises in 2026
Economy

Bank economists expect OCR rises in 2026

‘A number closer to four takes the cash rate to neutral,’ says BNZ's Stephen Toplis. 

Gregor Thompson 17 Jan 2025
Westpac records soft December retail spending
Economy

Westpac records soft December retail spending

Despite a slight lift, Westpac data points to a soft end of year for household spending.Westpac’s retail tracker, released on Thursday, showed spending on Westpac-issued credit and debit cards was up 2% in December compared to last year.  Westpac senior economist Satish Ranchhod...

Staff reporters 16 Jan 2025
Price shakeup for cigarette brand
Retail

Price shakeup for cigarette brand

Cigarette prices typically go up each year. Not in this case.

Oliver Lewis 16 Jan 2025