Card retail sales -0.7% m/m in October

  • prior -0.8%

Card retail sales -2.0% y/y

  • prior +1.6%

New Zealand households have been slammed by the long cycle of interest rate hikes by the Reserve Bank of New Zealand. Which, of course, is a feature not a bug in the battle to drive down inflation.

rbnz official cash rate hikes 15 November 2023