Figures from Stats NZ show that core retail spending (which excludes fuel) dropped on a seasonally adjusted basis by 0.3 percent in June, adding to the evidence that the rising cost of living is starting to prompt people to cut back.
Annual inflation hit 6.9 percent as of the March quarter.
Statistics New Zealand said that including fuel the amount of electronic card transactions rose by 0.1 percent in June.
By spending category, the movements were:
- fuel, up $18 million (2.9%)
- apparel, down $0.4 million (0.1%)
- consumables, down $6.5 million (0.3%)
- durables, down $10 million (0.6%)
- motor vehicles (excluding fuel), down $3.3 million (1.6%).
In actual terms, cardholders made 148 million transactions across all industries in June 2022, with an average value of $56 per transaction. The total amount spent using electronic cards was $8.2 billion.