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](https://images.forexlive.com/images/rbnz%20official%20cash%20rate%20hikes%2015%20November%202023_id_56647024-2462-42e7-8020-70c3a140918c_size900.jpg)