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

February spending rose across most of the retail spending categories. (Image: Getty)

Thu, 09 Mar 2023

Thu, 09 Mar 2023

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...

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