Lukewarm retail sales in first quarter as inflation bites

High inflation and rising interest rates took some of the heat out of retail momentum. (Image: Getty)

Tue, 24 May 2022

New Zealand's retail sales were tepid in the March quarter as high inflation and rising interest rates took some of the heat out of retail momentum. Retail sales volumes fell a seasonally adjusted 0.5% in the first quarter after rising 8.3% in the December quarter, Statistics NZ said.The data was below economists’ expectations and points to some downside risk for the second-quarter gross domestic product. “Inflation hit a 30-year high of 6.9% in the March 2022 quarter and high inflation, rising interest rates and fal...

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